Industry News

Real estate rates up for sixth week

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Strong job growth fueled the sixth consecutive week of rising mortgage rates, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 5.89 percent for the week ended today, up from last week when it averaged 5.82 percent. The average for the 15-year fixed-rate mortgage this week is 5.47 percent, up from last week when it averaged 5.38 percent. Points averaged 0.5 on the 30-year loan and 0.6 on the 15-year. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.4 percent this week, with an average 0.6 point, up slightly from last week when it averaged 5.3 percent. The one-year Treasury-indexed ARM averaged 4.57 percent this week, with an average 0.7 point, up from last week when it averaged 4.47 percent. "The stronger-than-expected employment report coupled with upward revisions in job growth for the previous two months renewed the market's fear of inflation," said Frank Nothaft, vice presi...