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Mortgage Rates Resume Rise this Week

Mortgage rates resumed their upward climb this week as finacial markets anticipate a boost in interest rates by the Federal Reserve.



Freddie Mac reported on Thursday that the average rate on the 30-year, fixed-rate mortgage was up slightly to 6.63% this week, up from 6.62% last week. Thirty-year rates are a full percentage point above last year'ss rate.



Rates on 30-year mortgages fell last week after hitting the highest level in four years the week earlier.



The housing sector has enjoyed five years of record highs. It is currently experienced a slowing under the rising mortgage rates. Economists expect that sales will decline by 10% this year, yet will remain one of the top three record years for sales.



There has been no drastic movement in mortgage rates and we see nothing on the horizon that would bring about any extreme rise or fall in rates going forward, said Frank Nothaft, chief economist at Freddie Mac.



The average rate on 15-year, fixed-rate mortgages increased to 6.25% this week, up from 6.23% the week prior. One year ago, the 15-year averaged 5.22%.



Rates on one-year adjustable-rate mortgage were up to 5.66% from 5.63% last week. Five-year adjustable-rate hybrid mortgages were up to 6.23%, up from 6.20%. One-year ARMs were at 4.25% last year, with five-year hybrids averaging 5.10%.



The reported mortgage rates do not include points. The 30-year and five-year hybrid mortgages carry a national average fee of 0.5 point. The 15-year and one-year ARM has average fees of 0.6%.



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