Industry News

Katrina keeps tight leash on real estate rates

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Despite uncertainty over whether the Fed will continue to hike the cost of money in the wake of Hurricane Katrina, long-term mortgage rates edged up this week, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 5.74 percent for the week ended today, up from last week when it averaged 5.71 percent. The average for the 15-year fixed-rate mortgage is 5.32 percent, up from last week when it averaged 5.3 percent. Points on both the 30- and 15-year averaged 0.6. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.26 percent this week, with an average 0.6 point, up from last week when it averaged 5.24 percent. The one-year Treasury-indexed ARM averaged 4.46 percent, also with an average 0.6 point, up slightly from last week when it averaged 4.45 percent. "Mortgage rates were relatively unchanged this week as the markets wait for the results of the upcoming Federal Reserve policy committe...