Industry News

Real estate rates hit 15-month high

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Mortgage rates edged up this week to their highest level in 15 months, according to surveys conducted by Freddie Mac and Bankrate. In Freddie Mac's weekly survey, rates on the 30-year fixed-rate mortgage averaged 6.1 percent, with and average 0.5 point, for the week ending Oct. 20. That was up from last week's average of 6.03 percent. Rates on the 15-year fixed-rate mortgage averaged 5.65 percent, with an average 0.6 point, up from last week's average of 5.62 percent. Meanwhile, five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.59 percent this week, with an average 0.7 point, up from last week when it averaged 5.57 percent, according to Freddie Mac. One-year Treasury-indexed ARMs averaged 4.89 percent this week, with an average 0.7 point, up from last week when it averaged 4.85 percent. Rising rates didn't stop the housing market from growing, according to the secondary mortgage giant's chief economist. "Despite the gradual rise in mortgage rates over the last two...