Rates Climb

The average 30-year fixed mortgage rate rose to 6.32% for the week ending Aug. 29 from 6.28% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.60% to 5.66%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages climbed from 3.84% to 3.88%. Fees and points averaged 0.7 points for all three mortgage categories. "Although mortgage rates have risen for the second week running, the long-term figures are still only about 50 basis points higher than they were at the start of the year," said Frank Nothaft, Freddie Mac's chief economist. "This may have slowed the refinance market a little, but refinancing continues to make up about half of all applications for mortgages, according to the Mortgage Bankers Association." A year ago, the average 30-year and 15-year fixed rates were 6.22% and 5.64%, 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.