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Freddie Mac Reports Mortgage Rates on the Rise

Freddie Mac released its weekly update on national mortgage rates Thursday morning, showing modest uptakes in interest rates being charged on most of the popular mortgage products.

Thirty-year fixed-rate mortgages (FRM) averaged eight basis points more expensive this week than last, at 4.39%. Fifteen-year FRMs tacked on four basis points, rising to 3.43%. Meanwhile, 5/1 adjustable-rate mortgages (ARMs) rose two b.p. to 3.18%.

Of the four main categories covered, only one -- one-year adjustables -- got cheaper, falling a single basis point, to 2.64%.

Commenting on the shifts in rates, Freddie Mac vice president and chief economist Frank Nothaft seemed to think that banks were hedging against a possible "change in monetary policy" at the Fed this week. The Fed statement, however, once it came out, showed no signs of such a change being imminent. If history is any guide, therefore, we could see interest rates subside once again in next week's Freddie update.

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