Washington, DC, October 21, 2005--Freddie Mac said that long-term rates are at the highest level in 15 months, and the one-year, Treasury-indexed adjustable rate is at its highest level since July 2002 in the week ending Thursday.
The benchmark 30-year fixed-rate mortgage average rose to 6.1% from 6.03% a week ago. The mortgage agency said its weekly survey also showed a rise in the 15-year loan, to 5.65% from 5.62%, and the one-year ARM, which averaged 4.89% vs. 4.85% a week earlier. The five-year hybrid ARM also rose, to 5.59% from 5.57% a week ago. "Despite the gradual rise in mortgage rates over the last two months, housing starts were actually up in September highlighting the resiliency of the housing market," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.
