Rates Rise From Survey Lows

The average 30-year fixed mortgage rate rose to 6.03% for the week ending Nov. 22 from a survey-record low of 5.94% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from a survey-record low of 5.32% to 5.44%, while the average rate for one-year Treasury-indexed ARMs increased from a survey-record low of 4.09% to 4.14%. Fees and points averaged 0.6 points for all three mortgage categories. "Economic reports are mixed, and this will keep mortgage rates bouncing up and down somewhat, probably for the rest of this year," said Frank Nothaft, Freddie Mac's chief economist. "For example, housing starts for October were weak, but housing permits picked up to their highest level since February. This is a good indication that the housing industry is still in great shape despite last month's apparent lull." A year ago, the average 30-year and 15-year fixed rates were 6.75% and 6.24%, respectively, and the average one-year ARM rate was 5.18%, Freddie Mac said. Freddie Mac can be found on the Web at http://www.freddiemac.com.