Mortgage Rates Rise Second Straight Week

McLEAN, Va. – Fixed mortgage rates inched up again this week, for the second week in a row, after falling the previous six weeks, according to Freddie Mac. The average for the 30-year, fixed-rate mortgage climbed slightly to 6.13% this week, from 6.12% last week; while the average for the 15-year, fixed-rate loan moved to 5.89%, from 5.86%. Even with the rise of the last two weeks, long-term rates were lower than they were a year ago. “What is interesting to note is that the 30-year fixed-rate mortgage this week is 1/8 of a percentage point lower than the 30-year fixed-rate mortgage was at this time last year," said Frank Nothaft, chief economist for Freddie Mac. “This could bode well for housing in the new year, and indeed we have seen a spike in refinancing activity over the past few weeks as rates have come down.” ARM rates were mixed this week, with the five-year ARM average rising to 5.96%, from 5.92%; and the one-year ARM dipping slightly to 5.44%, from 5.45%.