Fixed Rates Rise

The average 30-year fixed mortgage rate rose to 5.81% for the week ending Dec. 3 from 5.72% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.15% to 5.23%, while the average rate for one-year Treasury-indexed ARMs was unchanged, at 4.19%. Fees and points averaged 0.6 of a point for all three mortgage categories. "Recent economic indicators came out better than had been anticipated, buoying financial markets this week and reinvigorating confidence in financial markets that the last three months of the year will post a very positive rate of economic growth," said Frank Nothaft, Freddie Mac's chief economist. "Of course, with the signs of strong growth come fears of inflation, and that tends to push up long-term mortgage rates." A year ago, the average 30-year and 15-year fixed rates were 5.89% and 5.22%, respectively, and the average one-year ARM rate was 3.77%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.