Rates Rise

The average 30-year fixed mortgage rate rose from 6.31% to 6.33% over the seven-day period ended Nov. 9, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 6.02% to 6.04%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 6.05% to 6.08%, and the average rate for one-year Treasury-indexed ARMs increased from 5.53% to 5.55%, Freddie Mac reported. Fees and points averaged 0.6 of a point for fixed-rate mortgages, 0.7 of a point for hybrid ARMs, and 0.8 of a point for one-year ARMs. "Mortgage rates rose earlier in the week on news of large upward revisions over the past three months in employment figures, but began to drift lower as the market looked more deeply into the numbers," said Frank Nothaft, Freddie Mac's chief economist. "For instance, in October the construction industry lost jobs, primarily due to the slowing housing market." A year ago, the average 30-year and 15-year fixed rates were 6.36% and 5.89%, respectively, and the average hybrid and one-year ARM rates were 5.81% and 5.12%, respectively, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.