Industry News

Mortgage rates end week higher

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Mortgage rates rose slightly this week on news the economy will continue to grow this year, according to surveys conducted by Freddie Mac and In Freddie Mac's survey, the 30-year fixed-rate mortgage edged up to an average 6.3 percent from last week's 6.28 percent, while the 15-year fixed-rate mortgage increased from 6.02 percent to 6.03 percent. Points, which are fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans. "Mortgage interest rates exhibited little change in the past week, according to our weekly Primary Mortgage Market Survey, as there was little new information that would cause any great change," said Frank Nothaft, Freddie Mac vice president and chief economist. "For example, January's retail sales were virtually unchanged from December's level. Further, Fed Chairman Bernanke testified before the Senate committee and forecasted that the economy seemed likely to expand at a moderate pace this yea...