Industry News

Real estate rates climb for fifth week

More Fed hikes likely as inflation grows

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Mortgage rates were up for the fifth straight week, boosted in part by strength in existing-home sales and the economy, according to surveys conducted by Freddie Mac and In Freddie Mac's survey, the 30-year fixed-rate mortgage grew to an average 6.58 percent for the week ended today, up from last week's average of 6.53 percent. The 30-year fixed has not been higher since the week ending June 20, 2002, when it averaged 6.63 percent. The average for the 15-year fixed-rate mortgage this week is 6.21 percent, up from last week's average of 6.17 percent. The 15-year fixed has not been higher since the week ending May 31, 2002, when it averaged 6.22 percent. Points on both the 30- and 15-year fixed loans averaged 0.5. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 6.21 percent this week, with an average 0.6 point, up from last week when it averaged 6.16 percent. The one-year Treasury-indexed ARM averaged 5.68 percent, with an average 0.7 point, up from...