Rates Inch Up

The average 30-year fixed mortgage rate edged up to 5.98% for the week ending Nov. 7 from 5.94% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose to 5.31% from 5.26%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages was down slightly at 3.73% compared to 3.74%. Fees and points averaged 0.7 points for fixed-rate mortgages and ARMs. "Early indicators are showing an increase in both the manufacturing and service industries in October, welcome signs that the economy continues to improve," said Frank Nothaft, Freddie Mac's chief economist. "As a result, growth in employment has begun to rebound." A year ago, the average 30-year and 15-year fixed rates were 6.11% and 5.48%, respectively, and the average one-year ARM rate was 4.15%, Freddie Mac said.