Fixed Rates Inch Up

The average 30-year fixed mortgage rate rose to 6.32% for the week ending May 28 from 6.30% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.67% to 5.69%, while the average rate for one-year Treasury-indexed ARMs fell from 3.99% to 3.87%. Fees and points averaged 0.6 of a point for all three mortgage categories. "Although new-home sales fell in April, existing-home sales rose to the second-highest level on record as homebuyers rushed to close in the face of low, but surely rising, mortgage rates," said Frank Nothaft, Freddie Mac's chief economist. "Current mortgage rates are now a full point above where they were last year, and almost half a point higher than they were last month." A year ago, the average 30-year and 15-year fixed rates were 5.31% and 4.73%, respectively, and the average one-year ARM rate was 3.63%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.