Rates Climb

The average 30-year fixed mortgage rate rose to 5.89% for the week ending Nov. 28 from 5.83% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.17% to 5.22%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages climbed from 3.72% to 3.77%. Fees and points averaged 0.6 points for 30-year fixed-rate mortgages and 0.7 points for ARMs and 15-year FRMs. "Monetary and fiscal policy have given the economy plenty of room to take off, and it looks like it may finally be doing just that," said Frank Nothaft, Freddie Mac's chief economist. With no signs of rising inflation, mortgage rates are likely to remain at or near current levels, he said. A year ago, the average 30-year and 15-year fixed rates were 6.13% and 5.57%, respectively, and the average one-year ARM rate was 4.19%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.