Rates Rise Again

The average 30-year fixed mortgage rate rose from 6.31% to 6.36% over the seven-day period ended Nov. 10, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.85% to 5.89%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.76% to 5.81%, and the average rate for one-year Treasury-indexed ARMs climbed from 5.09% to 5.12%. Fees and points averaged 0.5 of a point for 30-year fixed-rate mortgages and 0.6 of a point for the other categories. "News that wages grew faster than had been expected in October reinforced fears of inflation in the financial markets, and that bumped up interest rates again this week," said Frank Nothaft, Freddie Mac's chief economist. "Consumer Price Index and Producer Price Index figures due out [the week of Nov. 14] will help to confirm or deny whether market concerns are warranted." A year ago, the average 30-year and 15-year fixed rates were 5.76% and 5.16%, respectively, and the average one-year ARM rate was 4.16%, Freddie Mac said.