Industry NewsMortgage

Growing economy bumps up mortgage rates

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Mortgage rates continued their upward trend this week on comments by Federal Reserve Chairman Alan Greenspan that the economy is in a state of "vigorous expansion," according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.   In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.94 percent for the week ended today, up from last week when it averaged 5.89 percent. The average for the 15-year fixed-rate mortgage this week is 5.25 percent, up slightly from last week when it averaged 5.23 percent. Points on both the 30- and 15-year averaged 0.7.   One-year Treasury-indexed adjustable-rate mortgages averaged 3.69 percent this week, with an average 0.7 point, unchanged from last week.   "Although this past month's dramatic rise in mortgage rates is consistent with an economic recovery, it will take more than one month of strong employment gains to verify this recovery is sustainable," said Frank Nothaft, Freddie Mac chief economist. "The m...