30 Year Fixed Rates Rise

Freddie Mac said today that the average rates on a 30 year fixed rate mortgage rose slightly last week. A 30 year fixed rate mortgage averaged 6.4 percent compared to 6.37 percent from the prior week. Fifteen year mortgages averaged 6.06 percent when compared to 6.03 percent the week before.

Adjustable rate mortgages are also on the rise with one year adjustable rate mortgages rose from 5.73 percent to 5.58 percent the prior week. 5/1 adjustable rate mortgages averaged 6.12 percent up slightly from 6.11 percent the week before.

Frank Nothaft, Freddie Mac’s vice president and chief economist stated that “Mortgage rates edged up this week following the release of September employment figures.”

Go to Reuters to read more about the 30 year mortgages rates rise.