Rates Continue Their Upward Move

The average interest rate on the 30-year fixed rate mortgage for the week ending Aug. 11, 2005 was seven basis points higher than it was the previous week and four basis points higher than the same week in 2004, according to the Freddie Mac Primary Mortgage Market Survey.For the period, the 30-year FRM had an average rate of 5.89%, compared with 5.82% the week before and 5.85% the year before. The 15-year FRM was at 5.47%, up from 5.38% the previous week. The one-year Treasury-indexed adjustable rate mortgage averaged 4.57% this week, up from last week when it averaged 4.47%. At this time last year, the one-year ARM averaged 4.08%. Meanwhile, five-year Treasury-indexed ARMs averaged 5.40%, up slightly from the previous week when it averaged 5.30%. Average points for the 30-year FRM were 50 BPs, for the 15-year FRM and five-year hybrid ARM 60 BPs and for the one-year ARM 70 BPs.Freddie Mac can be found online at http://www.freddiemac.com.