Most Rates Rise

The average 30-year fixed mortgage rate rose from 6.63% to 6.73% for the seven-day period ended July 12, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 6.30% to 6.39%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 6.29% to 6.35%, and the average rate for one-year Treasury-indexed ARMs was unchanged, at 5.71%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages and 0.5 of a point for adjustable-rate mortgages. "A favorable employment report for June and robust consumer credit growth for May pushed long-term mortgage rates higher in the past week, nearly eliminating the declines made in rates over the previous three weeks," said Frank Nothaft, Freddie Mac's chief economist. "In addition, consumer credit jumped by $12.9 billion in May, almost double market expectations." A year ago, the average 30-year and 15-year fixed rates were 6.74% and 6.37%, respectively, and the average hybrid and one-year ARM rates were 6.33% and 5.75%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.