Mortgage Rates Tip Upwards

McLEAN, Va. – Home loan rates nudged slightly higher this week, as the markets waited for a number of key consumer indicators. The average for the benchmark 30-year, fixed-rate mortgage rose slightly to 6.30% this week, from 6.28% last week; while the average for the 15-year, fixed-rate loan moved to 6.03%, from 6.02%, according to Freddie Mac. ARM rates also ticked slightly upwards, with the average for the five-year ARM rising to 6.01%, from 5.99% last week; and the average for the one-year ARM moving to 5.52%, from 5.49%. “Mortgage interest rates exhibited little change in the past week, as there was little new information that would cause any great change, said Freddie Mac chief economist Frank Nothaft. In the course of the coming week, January's housing starts, producer price index and consumer price index are all scheduled for release. These will be the first indicators of the housing market and inflation in early 2007, and we could see interest rates move in response.”