Industry News

Real estate rates hit 6-month high

Inflation fears keep Fed on alert

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Long-term mortgage rates increased for the fourth consecutive week as high energy costs continued to spread inflation jitters, according to surveys conducted by Freddie Mac and In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 5.98 percent for the week ended today, up from last week's average of 5.91 percent. This is the highest the 30-year fixed has been since March 31 when it averaged 6.04 percent. The average for the 15-year fixed-rate mortgage is 5.54 percent, up from last week when it averaged 5.48 percent. Points on both the 30- and 15-year averaged 0.5. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.48 percent this week, with an average 0.6 point, up from last week when it averaged 5.44 percent. The one-year Treasury-indexed ARM averaged 4.77 percent, with an average 0.6 point, up slightly from last week when it averaged 4.68 percent. "Mortgage rates have been rising for the last four weeks on inflation jitters cau...