Rates Rise

The average 30-year fixed mortgage rate rose from 6.36% to 6.40% over the seven-day period ended Oct. 26, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 6.06% to 6.10%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 6.11% to 6.14%, and the average rate for one-year Treasury-indexed ARMs increased from 5.57% to 5.60%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages, 0.6 of a point for hybrid ARMs, and 0.7 of a point for one-year ARMs. "At its most recent meeting, the Federal Reserve again declined to raise rates..., citing a slowdown in the housing market," said Frank Nothaft, Freddie Mac's chief economist. "For instance, the median price of both new and existing homes in September posted significant decreases." A year ago, the average 30-year and 15-year fixed rates were 6.15% and 5.69%, respectively, and the average hybrid and one-year ARM rates were 5.63% and 4.91%, respectively, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.