Freddie: Rates Inch Upward

The average 30-year fixed mortgage rate inched up to 6.28% for the week ending Aug. 22 from 6.24% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate was up slightly from 5.58% to 5.60%, and the average rate for one-year, Treasury-indexed, adjustable-rate mortgages rose from 3.75% to 3.84%. Fees and points averaged 0.8 points for the aforementioned fixed-rate mortgage categories and 0.7 points for the aforementioned ARM category. "The recent upswing in mortgage rates does not seem to have slowed the new home construction market, if July's housing start figures are any indication," said Frank Nothaft, Freddie Mac's chief economist. "Total starts hit a 17-year high in July while single-family starts in the same month were ... at the highest level since 1978. Even as mortgage rates continued to climb in August, builder confidence reached its highest level in three-and-one-half years, according to the National Association of Home Builders. This would seem to indicate that 2003 will continue to be an outstanding year for the housing industry." A year ago, the average 30-year and 15-year fixed rates were 6.27% and 5.71%, respectively, and the average one-year ARM rate was 4.34%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.