Industry News

Real estate rates continue upward trend

Outlook for housing remains 'bright'

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Mortgage rates climbed for the second consecutive week on news of October job gains, according to Freddie Mac's weekly mortgage survey. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.76 percent for the week ended today, up from last week when it averaged 5.7 percent. The average for the 15-year fixed-rate mortgage this week is 5.16 percent, also up from last week when it averaged 5.08 percent. Points on both the 30- and 15-year averaged 0.7. One-year Treasury-indexed adjustable-rate mortgages averaged 4.16 percent this week, with an average 0.6 point, up from last week when they averaged 4 percent. "October's fervent job growth statistics, mixed with upward revisions in previous months, led financial markets to believe the economy is picking up steam. A large number of people re-entered the workforce, leading to an uptick in the national unemployment rate to 5.5 percent, which we expect will ease back to 5.4 percent before the year is out," said Freddie Mac Vic...