Rates Rise

The average 30-year fixed mortgage rate rose to 6.30% for the week ending June 11 from 6.28% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.63% to 5.67%, while the average rate for one-year Treasury-indexed ARMs jumped from 3.98% to 4.14%. Fees and points averaged 0.7 of a point for all three mortgage categories. "The one-year ARM responds more directly to movements by the Federal Reserve Board, and market chatter has it that the Fed will not only raise rates at the end of this month, but may do so consecutively throughout the rest of the year," said Frank Nothaft, Freddie Mac's chief economist. "News like that is good news for keeping long-term fixed-rate mortgage rates low, since those are more sensitive to inflationary expectations." A year ago, the average 30-year and 15-year fixed rates were 5.21% and 4.60%, respectively, and the average one-year ARM rate was 3.54%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.