Industry News

Mortgage rates up slightly this week

Effects of Fed rate cut remain to be seen

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Long-term mortgage rates were up only slightly this week as markets awaited the Federal Reserve's interest-rate decision Tuesday, Freddie Mac and Bankrate.com reported today. In Freddie Mac's survey, the rate on 30-year fixed-rate mortgages rose to an average 6.34 percent from last week's 6.31 percent, and the 15-year fixed rate nudged higher to 5.98 percent from 5.97 percent. Points, which are fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.5 on the 30- and 15-year loans. Adjustable-rate mortgages (ARMs) were mixed this week, as the five-year Treasury-indexed hybrid ARM was up at an average 6.21 percent from 6.17 percent a week ago, while the rate on one-year Treasury-indexed ARMs sank to 5.65 percent from 5.66 percent. Points on the five-year and one-year loans averaged 0.5 and 0.6, respectively. "Mortgage rates were largely unchanged in the previous week, with long-term rates lingering at lower levels not seen since May," Frank Nothaft, Freddie...