Industry News

Rising mortgage rates slow lending activity

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Long-term mortgage rates inched higher this week, easing the pace of real estate purchases, according to the latest survey from mortgage buyer Freddie Mac. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 6.32 percent for the week ended today, up slightly from last week when it averaged 6.3 percent. The average for the 15-year fixed-rate mortgage this week is 5.7 percent, up a little from last week when it averaged 5.67 percent. Point on both the 30- and 15-year averaged 0.5. One-year Treasury-indexed adjustable-rate mortgages averaged 4.13 percent this week, with an average 0.7 point, down slightly from last week when it averaged 4.14 percent. "The recent increase in mortgage rates has given the housing market a slight breather from the frantic pace in lending that has been prevalent over the last few years," said Frank Nothaft, Freddie Mac vice president and chief economist. "That said, housing starts, although down a little from the month before, were still ...