Rates Rise Again

The average 30-year fixed mortgage rate rose from 5.80% to 5.91% over the seven-day period ended Sept. 29, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.37% to 5.48%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.31% to 5.44%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.48% to 4.68%. Fees and points averaged 0.5 of a point for fixed-rate mortgages and hybrid ARMs, and 0.6 of a point for one-year ARMs. "This past week's increase in mortgage rates reflects market anxieties over inflationary pressures, energy price increases, and slipping consumer confidence," said Frank Nothaft, Freddie Mac's chief economist. "Taken together, these developments suggest less personal spending during the last quarter of the year and additional upward pressure on mortgage rates." A year ago, the average 30-year and 15-year fixed rates were 5.72% and 5.12%, respectively, and the average one-year ARM rate was 3.97%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.