Mortgage Rates Tip Upward

McLEAN, Va. – Long-term mortgage rates moved slightly higher this week, after declining for three weeks in a row, even as mayhem continued in the market. The average for 30-year, fixed-rate loans rose to 6.62% this week, from 6.59% last week; while the average for 15-year, fixed-rate mortgages moved to 6.30%, from 6.25%, according to Freddie Mac. "Interest rates on prime conforming fixed-rate mortgages ticked up a little in the past week, in line with 10-year Treasury rates movements and retracing part of last week's decline," said Frank Nothaft, Freddie Mac's chief economist. "Problems in the non-prime mortgage market where funds are expensive and hard-to-get have not affected the prime conforming market." ARM rates also moved slightly higher, with the average for the five-year ARM rising to 6.35%, from 6.33%; and the average for the one-year ARM going to 5.67%, from 5.65%.