Freddie: Average 30-Year Rate Rises to 6.46%

The average rate on a 30-year fixed-rate mortgage as tracked by Freddie Mac rose to 6.46% from 6.04% during the week ended Oct. 30. The average 30-year rate also was up from 6.26% a year ago, Freddie said. Freddie chief economist Frank Nothaft said longer-term mortgage rates have been following comparable Treasury yields higher. Both long- and short-term mortgage rates were up week-to-week: the 15-year FRM had an average 6.19% rate, up from 5.72% the week previous and from 5.91% the year before; the five-year Treasury-indexed hybrid adjustable-rate mortgage had an average 6.36% rate, up from 6.06% the week previous and from 5.98% a year ago; and the one-year Treasury-indexed ARM had an average 5.38% rate, up from 5.23% the week before and down from 5.57% a year ago. Mr. Nothaft said initial rates on ARMs might stabilize due to the Federal Open Market Committee's short-term rate cuts. Average points during the week were 0.7% on 30-, 15- and five-year loans, and 0.6% on one-year ARMs.