Rates Inch Up

The average 30-year fixed mortgage rate rose to 5.68% for the week ending Jan. 30 from 5.64% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate inched up from 4.95% to 4.97%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages rose from 3.56% to 3.59%. Fees and points averaged 0.7 of a point for fixed-rate mortgages and 0.6 of a point for ARMs. "Mortgage rates were basically unchanged leading up to the [Federal Open Market Committee's] announcement that opened the door to the possibility the Fed would raise rates sooner than expected," said Frank Nothaft, Freddie Mac's chief economist. "Following the policy statement, bond yields shot up, taking mortgage rates with them, raising the prospect that mortgage rates will be even higher next week." A year ago, the average 30-year and 15-year fixed rates were 5.90% and 5.28%, respectively, and the average one-year ARM rate was 3.89%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.