Rates Climb

The average 30-year fixed mortgage rate rose to 6.08% for the week ending July 30 from 5.98% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.39% to 5.49%, while the average rate for one-year Treasury-indexed ARMs climbed from 4.12% to 4.17%. Fees and points averaged 0.6 of a point for all three mortgage categories. "Mortgage rates rose a little this week in response to expectations that the Federal Reserve Board is willing to move more aggressively if inflation should become an issue," said Frank Nothaft, Freddie Mac's chief economist. "So far, inflation seems to be under control, but if the economy should heat up too rapidly, the Fed would have to act quickly and decisively." A year ago, the average 30-year and 15-year fixed rates were 5.94% and 5.27%, respectively, and the average one-year ARM rate was 3.67%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.