Fixed Rates Inch Up

The average 30-year fixed mortgage rate rose to 5.97% for the week ending Jan. 17 from 5.95% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.33% to 5.36%, while the average rate for one-year Treasury-indexed adjustable-rate mortgages was unchanged, at 4.03%. Fees and points averaged 0.6 points for fixed-rate mortgages and 0.7 points for ARMs. "Mortgage rates were largely unchanged this week, amid a sobering December jobs report and growing tensions in the Mideast and the Korean peninsula," said Frank Nothaft, Freddie Mac's chief economist. "Disappointing retail sales, a struggling manufacturing sector, and mild business investment are all holding mortgage rates in the 6% range." A year ago, the average 30-year and 15-year fixed rates were 6.83% and 6.31%, respectively, and the average one-year ARM rate was 5.08%, Freddie Mac said. Freddie Mac can be found on the Web at http://www.freddiemac.com.