Rates Rise

The average 30-year fixed mortgage rate rose from 6.37% to 6.40% for the seven-day period ended Oct. 11, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 6.03% to 6.06%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 6.11% to 6.12%, and the average rate for one-year Treasury-indexed ARMs increased from 5.58% to 5.73%, Freddie Mac reported. Fees and points averaged 0.4 of a point for 30-year fixed-rate mortgages, 0.5 of a point for 15-year fixed-rate mortgages and hybrid ARMs, and 0.6 of a point for one-year ARMs. "Mortgage rates edged up this week following the release of the September employment figures," said Frank Nothaft, Freddie Mac's chief economist. "The economy added 110,000 new jobs last month while July and August were revised upwards by a total of 188,000 jobs, reflecting greater strength in the economy during that time than initially indicated." A year ago, the average 30-year and 15-year fixed rates were 6.37% and 6.06%, respectively, and the average hybrid and one-year ARM rates were 6.10% and 5.56%, Freddie Mac said. Freddie can be found online at http://www.freddiemac.com.