Rates Inch Up

The average 30-year fixed mortgage rate rose from 6.62% to 6.63% over the seven-day period ended June 15, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 6.23% to 6.25%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages was up from 6.20% to 6.23%, and the average rate for one-year Treasury-indexed ARMs climbed from 5.63% to 5.66%, Freddie Mac reported. Fees and points averaged 0.5 of a point for 30-year fixed-rate mortgages and hybrid ARMs and 0.6 of a point for 15-year FRMs and one-year ARMs. "Mixed economic indicators are causing some volatility in financial markets," said Frank Nothaft, Freddie Mac's chief economist. "This invariably leads to the fluctuations in mortgage rates like what we have seen recently." A year ago, the average 30-year and 15-year fixed rates were 5.63% and 5.22%, respectively, and the average one-year ARM rate was 4.25%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.