Industry News

Inflation report hikes mortgage rates

Fed expected to boost key rate to 5.25% this month

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Mortgage rates increased slightly this week after the latest consumer price report suggested that inflation is still a threat, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage inched up to an average 6.63 percent for the week ended today, up very slightly from last week's average of 6.62 percent. The average for the 15-year fixed-rate mortgage is 6.25 percent, up slightly from last week's average of 6.23 percent. Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.5 on the 30-year loan and 0.6 on the 15-year loan. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 6.23 percent this week, with an average 0.5 point, up a little from last week when it averaged 6.2 percent. The one-year Treasury-indexed ARM averaged 5.66 percent, with an average 0.6 point, also up from last week when it averaged 5.63 percent. "Mixed economic indicators are...