Rates Climb

The average 30-year fixed mortgage rate rose from 6.12% to 6.23% over the seven-day period ended Feb. 2, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.70% to 5.81%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages increased from 5.75% to 5.87%, and the average rate for one-year Treasury-indexed ARMs climbed from 5.20% to 5.33%. Fees and points averaged 0.5 of a point for fixed-rate mortgages and hybrid ARMs and 0.7 of a point for one-year ARMs. "Declines in worker productivity coupled with accelerating labor costs increase the threat of inflation down the road," said Frank Nothaft, Freddie Mac's chief economist. "Inflationary pressure generated by these factors pushes long-term mortgage rates upward, which is why we have seen rates rise these last two weeks." A year ago, the average 30-year and 15-year fixed rates were 5.63% and 5.14%, respectively, and the average one-year ARM rate was 4.23%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.