Mortgage rates follow bonds upward

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Long-term mortgage rates followed Treasury bond yields higher this week, bringing fixed rate mortgages back up to levels seen two weeks ago, Freddie Mac said today.

The 30-year fixed-rate mortgage (FRM) averaged 6.46 percent with an average 0.7 point for the week ending Oct. 30, up from 6.04 percent a week ago and 6.26 percent a year ago, Freddie Mac said in releasing its weekly Primary Mortgage Market Survey.

The 15-year FRM this week averaged 6.19 percent with an average 0.7 point, up from 5.72 percent last week and 5.91 percent a year ago.