Industry News

Mortgage rates end week higher

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Although mortgage rates were up only slightly this week, tomorrow's labor market report should provide a better idea of where interest rates are headed, Freddie Mac and Bankrate.com reported today in their weekly surveys. In Freddie Mac's survey, the 30-year fixed-rate mortgage edged up to an average 6.17 percent from last week's 6.16 percent, and the 15-year fixed-rate mortgage gained from 5.86 percent to 5.87 percent. Points, which are fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30-year and 0.5 on the 15-year loans. Freddie Mac reported that the average rates on adjustable loans also increased this week, with the five-year Treasury-indexed hybrid ARM rising to 5.92 percent and the one-year Treasury-indexed ARM growing to 5.44 percent. "Mortgage rates have remained within a narrow band of 0.1 percentage points over every week in March," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. "Thi...