Rates Rise

The average 30-year fixed mortgage rate rose from 5.74% to 5.80% over the seven-day period ended Sept. 22, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.32% to 5.37%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.26% to 5.31%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.46% to 4.48%. Fees and points averaged 0.6 of a point for 30-year fixed-rate mortgages, 0.7 of a point for 15-year FRMs and one-year ARMs, and 0.8 of a point for hybrid ARMs. "Mortgage rates look like they are back on track where the Fed wants them, which is gradually rising," said Frank Nothaft, Freddie Mac's chief economist. "Freddie Mac's economic forecast calls for a cooling of the housing market going into next year, and gently rising rates are part of that scenario." A year ago, the average 30-year and 15-year fixed rates were 5.70% and 5.10%, respectively, and the average one-year ARM rate was 4.00%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.