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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. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.36 percent this week with an average 0.7 point, up from 6.06 percent last week and 5.98 percent a year ago. One-year Treasury-indexed ARMs averaged 5.38 percent this week with an average 0.6 point, up from 5.23 percent last week but down from 5.57 percent a year ago. Although the Federal Reserve trimmed the discount rate and federal funds target rate by 0....