Rates Rise Further

The average 30-year fixed mortgage rate rose from 6.24% to 6.28% over the seven-day period ended Feb. 16, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.83% to 5.91%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages increased from 5.89% to 5.95%, and the average rate for one-year Treasury-indexed ARMs climbed from 5.34% to 5.36%. Fees and points averaged 0.5 of a point for fixed-rate mortgages and hybrid ARMs and 0.7 of a point for one-year ARMs. "So far this year, fixed-rate mortgages have risen only slightly," said Frank Nothaft, Freddie Mac's chief economist. "Long-term mortgage rates are only marginally higher than they were two months ago. Housing start figures in January came in at the highest level in over three decades, due in part to the combination of low rates and a warmer climate across the country." A year ago, the average 30-year and 15-year fixed rates were 5.62% and 5.14%, respectively, and the average one-year ARM rate was 4.15%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.