Rates Inch Higher

The average 30-year fixed mortgage rate rose to 6.96% for the week ending July 24 from 6.94% the week before, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose to 6.63% from 6.60% the previous week, and the average rate for one-year Treasury-indexed adjustable-rate mortgages crept up to 5.65% from 5.64%. Fees and points averaged 1.1 for each category. "Mortgage rates saw little change this week following Federal Reserve Chairman Greenspan's report to Congress," said Robert Van Order, Freddie Mac's chief economist. "Most economists expect no movement in rates from the Fed, based on Mr. Greenspan's remarks, and that is good for the mortgage market." A year ago, the average 30-year and 15-year fixed rates were 7.43% and 6.98%, respectively, and the average one-year ARM rate was 5.54%.