Industry News

Mortgage rates climb to 8-month highs

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Mortgage rates rose for the seventh consecutive week on signs that the Federal Reserve may soon raise its key funds rate, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 6.12 percent for the week ended today, up from last week when it averaged 6.01 percent. The average for the 15-year fixed-rate mortgage this week is 5.47 percent, up from last week when it averaged 5.35 percent. Points on both the 30- and 15-year averaged 0.7. One-year Treasury-indexed adjustable-rate mortgages averaged 3.76 percent this week, with an average 0.7 point, up slightly from last week when it averaged 3.75 percent. "A steady drip of good economic news coupled with the Federal Reserve's change of language in their statement this week reinforced market expectations that the Fed may raise rates sooner than expected," said Amy Crews Cutts, Freddie Mac deputy chief economist. "That expectation carried over i...