Fixed Rates Rise Slightly

The average 30-year fixed mortgage rate rose from 6.31% to 6.34% for the seven-day period ended Sept. 20, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.97% to 5.98%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 6.17% to 6.21%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.66% to 5.65%, Freddie Mac reported. Fees and points averaged 0.5 of a point for fixed-rate mortgages and hybrid ARMs, and 0.6 of a point for one-year ARMs. "Mortgage rates were largely unchanged in the previous week, with long-term rates lingering at lower levels not seen since May," said Frank Nothaft, Freddie Mac's chief economist. "The recent retreat in mortgage rates has brought in an increased volume of mortgage applications, according to the Mortgage Bankers Association, and pushed the share of applications for refinancing to the highest rate since April." A year ago, the average 30-year and 15-year fixed rates were 6.40% and 6.06%, respectively, and the average hybrid and one-year ARM rates were 6.08% and 5.54%, Freddie Mac said. Freddie can be found online at http://www.freddiemac.com.