Rates Creep Up

The average 30-year fixed mortgage rate inched up to 5.82% for the week ending Aug. 27 from 5.81% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.19% to 5.21%, while the average rate for one-year Treasury-indexed ARMs rose from 4.01% to 4.05%. Fees and points averaged 0.7 of a point for 30-year fixed-rate mortgages and 0.6 of a point for the other two mortgage categories. "Mortgage rates were mostly unchanged this week, amid conflicting economic reports as to the strength of the economy," said Frank Nothaft, Freddie Mac's chief economist. "July home sales fell from their record rate, but remain strong by historical standards." A year ago, the average 30-year and 15-year fixed rates were 6.28% and 5.60%, respectively, and the average one-year ARM rate was 3.84%, Freddie Mac said.