Industry News

Real estate rates up for third week

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Mortgage rates inched higher for the third consecutive week, according to surveys conducted this week by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 6.24 percent for the week ended today, up from last week's average of 6.23 percent. The average for the 15-year fixed-rate mortgage is 5.83 percent, up from last week's average of 5.81 percent. Points on both the 30- and 15-year averaged 0.6. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.89 percent this week, with an average 0.7 point, up from last week when it averaged 5.87 percent. The one-year Treasury-indexed ARM averaged 5.34 percent, with an average 0.7 point, up from last week when it averaged 5.33 percent. "With no big economic news to influence the direction of mortgage rates this week, the numbers drifted very slightly upward," said Frank Nothaft, Freddie Mac vice president and chief economist. "We see this trend continuing throughout 2006, with the ...