Industry News

Mortgage rates rise on market apprehension

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Mortgage rates marched higher this week as markets held onto a slight belief that inflation may not yet be fully contained, 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 6.8 percent this week, up from last week's average of 6.74 percent. The 15-year fixed-rate mortgage also gained from last week, rising from 6.37 percent to 6.41 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 and 0.4 on the 15-year loans. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 6.36 percent this week, with an average 0.5 point, up from last week when it averaged 6.33 percent. The one-year Treasury-indexed ARM averaged 5.8 percent, with an average 0.6 point, up from last week's average of 5.75 percent. "Financial markets were a bit jittery after core Consumer Price Index (CPI) figures for June were rele...