Fixed Rates Rise

The average 30-year fixed mortgage rate rose to 5.95% for the week ending Jan. 10 from a survey-record low of 5.85% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from a survey-record low of 5.24% to 5.33%, while the average rate for one-year Treasury-indexed adjustable-rate mortgages dipped from 4.06% to 4.03%. Fees and points averaged 0.5 points for 30-year fixed-rate mortgages and 0.6 points for ARMs and 15-year FRMs. "Recent data indicate a possible turnaround in the manufacturing sector of the economy," said Frank Nothaft, Freddie Mac's chief economist. "This is good news, since the depressed manufacturing industry had previously been a drag on the economy. Meanwhile, in spite of the sluggishness in the economy, nearly 25% of all mortgages were refinanced in 2002, saving those homeowners an average $1,200 per year to spend or save as they see fit." A year ago, the average 30-year and 15-year fixed rates were 7.06% and 6.55%, respectively, and the average one-year ARM rate was 5.26%, Freddie Mac said. Freddie Mac can be found on the Web at http://www.freddiemac.com.