Fixed Rates Creep Up

The average 30-year fixed mortgage rate for the week ending June 26 crept up to 6.96% from 6.94% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose to 6.64% from 6.62%, while the average rate for one-year Treasury-indexed adjustable-rate mortgages was unchanged, at 5.68%. Fees and points averaged 1.0 for the fixed-rate mortgages and 1.1 for the ARMs. "Mortgage interest rates remain incredibly affordable," said Robert Van Order, Freddie Mac's chief economist. "This has been a boon to the housing industry, as witnessed by the rise in existing home sales in May." A year ago, the average 30-year and 15-year fixed rates were 7.58% and 7.13%, respectively, and the average one-year ARM rate was 5.66%. Freddie Mac's website address is www.freddiemac.com.