Fixed Rates Creep Higher

The average 30-year fixed mortgage rate rose from 6.45% to 6.46% for the seven-day period ended Sept. 6, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 6.12% to 6.15%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.35% to 6.32%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.84% to 5.74%, Freddie Mac reported. Fees and points averaged 0.5 of a point for fixed-rate mortgages and 0.6 of a point for ARMs. "Over the past week, long-term mortgage rates were largely unchanged as the most recent economic news showed smaller increases than had been expected," said Frank Nothaft, Freddie Mac's chief economist. "For instance, the core personal consumption expenditure price index rose at an annualized rate of only 1.3% in the second quarter, and July's consumer spending data showed a 1.9% gain in the core price index for the 12 months ending in July." A year ago, the average 30-year and 15-year fixed rates were 6.47% and 6.16%, respectively, and the average hybrid and one-year ARM rates were 6.14% and 5.63%, Freddie Mac said. Freddie can be found online at http://www.freddiemac.com.