Industry News

Real estate rates rise

Fewer borrowers opt for adjustable loans

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Long-term mortgage rates increased this week, according to Freddie Mac's weekly mortgage survey. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.75 percent for the week ended today, up from last week when it averaged 5.68 percent. The average for the 15-year fixed-rate mortgage this week is 5.18 percent, up from last week when it averaged 5.11 percent. Points on both the 30- and 15-year averaged 0.6. One-year Treasury-indexed adjustable-rate mortgages averaged 4.17 percent this week, with an average 0.6 point, down very slightly from last week when it averaged 4.18 percent. "In November, the ARM share of loan applications slipped to 34 percent from 36 percent in October, in response to the Fed's sequential actions to push short-term interest rates higher," said Frank Nothaft, Freddie Mac vice president and chief economist. "As ARM rates began to rise, long-term rates showed no inclination to follow and remained at very affordable and attractive levels. "Going...