Mortgage Rates Rise Slightly

McLEAN, Va. – Mortgage rates inched up this week, as economic indicators were positive. The average for the 30-year, fixed-rate loan rose to 6.23%, from 6.21% last week; while the average for the 15-year, fixed-rate mortgage moved to 5.98%, from 5.96%, according to Freddie Mac. ARM rates also moved slightly higher, with the one-year ARM average climbing to 5.51%, from 5.44% last week; and the five-year ARM average moving 6.03%, from 6.04%. “Interest rates drifted slightly higher following the latest positive economic reports, said Frank Nothaft, chief economist for Freddie Mac. 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.”