30-Year Rate Hits One-Year High

The average 30-year fixed mortgage rate climbed to 6.34% for the week ending Aug. 8 -- its highest level since August 2002 -- from 6.14% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate jumped from 5.44% to 5.66%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages rose from 3.68% to 3.80%. Fees and points averaged 0.7 points for all three mortgage categories. "Signs that the economy is finally improving have generated upward pressure on fixed-rate mortgage rates over these past few weeks," said Frank Nothaft, Freddie Mac's chief economist. "Although the one-year ARM rate rose this week, the spread between the one-year ARM and the 30-year FRM reached its widest peak since 1986." A year ago, the average 30-year and 15-year fixed rates were 6.31% and 5.69%, respectively, and the average one-year ARM rate was 4.37%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.