30-Year Rate Rises Again

The average 30-year fixed mortgage rate rose from 6.10% to 6.15% over the seven-day period ended Oct. 27, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.65% to 5.69%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.59% to 5.63%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.89% to 4.91%. Fees and points averaged 0.5 of a point for fixed-rate mortgages, 0.6 of a point for hybrid ARMs, and 0.7 of a point for one-year ARMs. "Although home sales were still impressive in September, mortgage applications in October seem to be tapering off a bit, due in large part to slowly rising interest rates," said Frank Nothaft, Freddie Mac's chief economist. "Obviously, refinancing is going to take the biggest hit as mortgage rates tick up." A year ago, the average 30-year and 15-year fixed rates were 5.64% and 5.01%, respectively, and the average one-year ARM rate was 3.96%, Freddie Mac said.