Rates Continue to Rise

The average 30-year fixed mortgage rate rose from 5.73% to 5.77% over the seven-day period ended July 28, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.32% to 5.34%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.26% to 5.27%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.42% to 4.46%. (The last time the one-year ARM rate was higher was the week ended July 19, 2002, when it averaged 4.50%, according to Freddie Mac.) Fees and points averaged 0.5 of a point for fixed-rate mortgages and 0.6 of a point for ARMs. "Although inching upwards, the average 30-year fixed-rate mortgage rate for the month of July was lower than the annual averages since our survey began in 1971," said Frank Nothaft, Freddie Mac's chief economist. "And the most recent figures for housing sales are reflective of these low interest rates in the mortgage industry." A year ago, the average 30-year and 15-year fixed rates were 6.08% and 5.49%, respectively, and the average one-year ARM rate was 4.17%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.