Mortgage rates up on positive economic news

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Rates on 30-year fixed-rate mortgages averaged 4.57 percent with an average point of 0.7 for the week ending Sept. 5, up from 4.51 percent last week and 3.55 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.

Rates on 15-year fixed-rate mortgages, five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans and one-year Treasury-indexed ARMs also all increased.

“Mortgage rates edged up this week on signs of a stronger economic recovery,” said Frank Nothaft, vice president and chief economist at Freddie Mac. “Real GDP was revised upwards to 2.5 percent growth in the second quarter of this year.”

“In addition, residential construction spending rose for a ninth consecutive month in July. Lastly, the manufacturing industry expanded by the fastest pace in August since June 2011.”

Source: Freddie Mac