Industry News

Real estate rates hit 2-year high

30-year fixed rate climbs to 6.36% in Freddie Mac survey

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Mortgage rates rose for the ninth consecutive week as a large increase in hourly wages fueled inflation fears, according to surveys conducted this week by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 6.36 percent for the week ended today, up from last week's average of 6.31 percent. The average for the 15-year fixed-rate mortgage is 5.89 percent, up from last week when it averaged 5.85 percent. Points on the 30-year averaged 0.5, while those on the 15-year averaged 0.6. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.81 percent this week, with an average 0.6 point, up from last week when it averaged 5.76 percent. The one-year Treasury-indexed ARM averaged 5.12 percent, with an average 0.6 point, up from last week when it averaged 5.09 percent. "News that wages grew faster than had been expected in October reinforced fears of inflation in the financial markets, and that bumped up interest rates again this wee...