Rates Rise

The average 30-year fixed mortgage rate rose to 5.70% for the week ending Nov. 5 from 5.64% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.01% to 5.08%, while the average rate for one-year Treasury-indexed ARMs climbed from 3.96% to 4.00%. Fees and points averaged 0.6 of a point for all three mortgage categories. "The slight increase in mortgage rates this week was due in large part to volatility in long-term bond yields," said Frank Nothaft, Freddie Mac's chief economist. "The uncertainty in bond yields reflected weakness in the manufacturing industry that was offset by economic reports of strength in the service sector." A year ago, the average 30-year and 15-year fixed rates were 5.94% and 5.26%, respectively, and the average one-year ARM rate was 3.74%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.