Industry News

Real estate rates at highest level in nearly 4 years

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Mortgage rates this week climbed for the fourth straight week to highs not seen since the summer of 2002, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage rose to an average 6.53 percent for the week ended today, with an average 0.6 point, up from last week's average of 6.49 percent. The 30-year fixed has not been higher since the week ending July 12, 2002, when it averaged 6.54 percent. The average for the 15-year fixed-rate mortgage is 6.17 percent, with an average 0.5 point, up from last week's average of 6.14 percent. The 15-year fixed has not been higher since the week ending June 13, 2002, when it averaged 6.17 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 6.16 percent this week, with an average 0.8 point, up from last week when it averaged 6.13 percent. The one-year Treasury-indexed ARM averaged 5.63 percent, with an average 0.9 point, up from last week when it averaged 5...