Rates Rise Further

The average 30-year fixed mortgage rate rose to 5.76% for the week ending Nov. 12 from 5.70% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.08% to 5.16%, while the average rate for one-year Treasury-indexed ARMs climbed from 4.00% to 4.16%. Fees and points averaged 0.7 of a point for fixed-rate mortgages and 0.6 of a point for ARMs. "October's fervent job growth statistics, mixed with upward revisions in previous months, led financial markets to believe the economy is picking up steam," said Frank Nothaft, Freddie Mac's chief economist. "A large number of people re-entered the work force, leading to an uptick in the national unemployment rate to 5.5%, which we expect to ease back to 5.4% before the year is out." A year ago, the average 30-year and 15-year fixed rates were 5.98% and 5.31%, respectively, and the average one-year ARM rate was 3.73%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.