Industry News

Surveys: Mortgage rates up, down this week

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Mortgage rates posted mixed results this week following a better-than-expected unemployment report that seemed to quell fears of a dark economic downturn, 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 6.47 percent this week, up from last week's average of 6.44 percent. The average for the 15-year fixed-rate mortgage also gained from last week, inching up to 6.16 percent from 6.14 percent. Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 6.14 percent this week, with an average 0.5 point, up from last week's rate of 6.11 percent. The one-year Treasury-indexed ARM averaged 5.63 percent, with an average 0.7 point, up from last week when it averaged 5.59 percent. "We expect that mortgage rates will continue to fluctuate as new ec...