Rate Ascent Continues

The average 30-year fixed mortgage rate rose from 5.77% to 5.82% over the seven-day period ended Aug. 4, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.34% to 5.38%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.27% to 5.30%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.46% to 4.47%. Fees and points averaged 0.6 of a point for fixed-rate mortgages and 0.7 of a point for ARMs. "Long-term mortgage rates will more than likely rise over the next few months, albeit modestly compared to shorter-term rates," said Frank Nothaft, Freddie Mac's chief economist. "As the Federal Reserve increases its targeted overnight lending rate, home equity loans will become more costly." A year ago, the average 30-year and 15-year fixed rates were 5.99% and 5.40%, respectively, and the average one-year ARM rate was 4.08%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.