Rates Rise

The average 30-year fixed mortgage rate rose from 6.21% to 6.23% over the seven-day period ended Jan. 18, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.96% to 5.98%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 6.03% to 6.04%, and the average rate for one-year Treasury-indexed ARMs increased from 5.44% to 5.51%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages and hybrid ARMs and 0.5 of a point for one-year ARMs. "Interest rates drifted slightly higher following the latest positive economic reports," said Frank Nothaft, Freddie Mac's chief economist. "Shoppers bustling through the holiday season boosted December's retail sales above consensus expectations. In the same month, industrial production reversed a three-month decline and rose faster than had been anticipated." A year ago, the average 30-year and 15-year fixed rates were 6.10% and 5.67%, respectively, and the average hybrid and one-year ARM rates were 5.75% and 5.18%, respectively, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.