30-Year Rate Nearing 6%

The average 30-year fixed mortgage rate rose from 5.91% to 5.98% over the seven-day period ended Oct. 6, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.48% to 5.54%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.44% to 5.48%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.68% to 4.77%. Fees and points averaged 0.5 of a point for fixed-rate mortgages and 0.6 of a point for ARMs. "Mortgage rates have been rising for the last four weeks on inflation jitters caused in part by extended high energy costs," said Frank Nothaft, Freddie Mac's chief economist. "Still, we need more concrete data to predict the direction of the national economy, including mortgage rates." A year ago, the average 30-year and 15-year fixed rates were 5.82% and 5.24%, respectively, and the average one-year ARM rate was 4.08%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.