30-Year Rate Rises

The average 30-year fixed mortgage rate rose to 6.94% for the week ending July 17 from the six-month low of 6.91% the week before, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate was unchanged, at 6.60%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages increased to 5.64% from 5.60%. Fees and points averaged 1.1 for each category. "Mortgage interest rates are comparable to the low levels we experienced in 1993," said Robert Van Order, Freddie Mac's chief economist. "And since the latest economic news shows the economy slowing down, these low rates should remain in effect going into the future." A year ago, the average 30-year and 15-year fixed rates were 7.47% and 7.01%, respectively, and the average one-year ARM rate was 5.55%. Freddie Mac's website address is http://www.freddiemac.com.