Industry News

Mortgage rates end week mixed

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Mortgage rates posted mixed growth this week following last week's Fed hike and announcement that economic growth is "moderating," 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 6.79 percent for the week ended today, almost unchanged from last week's average of 6.78 percent. The 30-year fixed has not been higher since May 24, 2002, when it averaged 6.81 percent. The average for the 15-year fixed-rate mortgage nudged up to 6.44 percent, also nearly unchanged from last week's average of 6.43 percent. The 15-year fixed has not been higher since April 12, 2002, when it averaged 6.49 percent. Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.5 on the 30- and 15-year loans. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 6.39 percent this week, with an average 0.6 point, unchanged from last week. This is the h...