Industry NewsMortgage

Mortgage rates continue upward climb

Demand for purchase loans remains strong

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Mortgage rates followed bond yields higher this week, as signs of economic growth made bonds less attractive to investors.Fixed-rate mortgages were up for the third week in a row for the week ending Dec. 2, mortgage giant Freddie Mac said, with the 30-year fixed-rate mortgage averaging 4.46 percent with an average 0.8 point. That's up from 4.4 percent last week but still well below the 4.71 percent registered at the same time a year ago.Rates on 15-year fixed-rate loans averaged 3.81 percent with an average 0.7 point, up from last 3.77 percent a week ago but down from 4.27 percent a year ago.Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 3.49 percent with an average 0.6 point, up from 3.45 percent last week but down from 4.19 percent a year ago.The 1-year Treasury-indexed ARM averaged 3.25 percent with an average 0.6 point, up from 3.23 percent last week but down from 4.25 percent a year ago.Freddie Mac's weekly Primary Mortgage Market Survey trac...