Industry News

Real estate rates trend upward

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Mortgage rates continued higher this week, marking the seventh consecutive weekly gain since mid-September, according to Freddie Mac's weekly survey released today. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 6.15 percent, with an average 0.5 point, for the week ended today, up from last week's average of 6.1 percent. The average for the 15-year fixed-rate mortgage is 5.69 percent, with an average 0.5 point, up from last week when it averaged 5.65 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.63 percent this week, with an average 0.6 point, up from last week when it averaged 5.59 percent. The one-year Treasury-indexed ARM averaged 4.91 percent, with an average 0.7 point, up from last week when it averaged 4.89 percent. "Although home sales were still impressive in September, mortgage applications in October seem to be tapering off a bit, due in large part to slowly rising interest rates," said Frank Nothaft, Freddie Mac vic...