Average 30-Year Mortgage Rate Increases Slightly(January 27, 2006) --
The national average commitment rate on a 30-year, fixed mortgage increased to 6.12 percent from 6.10 percent this week, marking the first gain in six weeks, according to Freddie Mac.
The national average commitment rate on a 15-year, fixed mortgage rose as well, climbing to 5.70 percent from 5.67 percent.
The national average commitment rate, along with fees and points charged by lenders, reflects the cost of obtaining a mortgage.
The average rate on a one-year, adjustable-rate mortgage bumped up to 5.20 percent from 5.18 percent, while the five-year hybrid ARM held steady at 5.75 percent.
Freddie Mac chief economist Frank Nothaft attributes the rise in rates to the belief that the Federal Reserve will hike the federal-funds rate for the 14th straight time next week.
Source: New London Day (CT) (01/27/06); Crutsinger, Martin
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