Industry News

Real estate rates break 6%

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Long-term mortgage rates increased for the fifth consecutive week on brighter job market news and lingering inflation concerns, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 6.03 percent for the week ended today, up from last week's average of 5.98 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 this week is 5.62 percent, up from last week when it averaged 5.54 percent. Points on both the 30- and 15-year averaged 0.6. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.57 percent this week, with an average 0.7 point, up from last week when it averaged 5.48 percent. The one-year Treasury-indexed ARM averaged 4.85 percent this week, with an average 0.6 point, up from last week when it averaged 4.77 percent. "In spite of the job losses caused by Hurricanes Katrina and Rita, the...