Freddie Mac: Mortgage Rates On The Rise

(RTTNews) - Mortgage rates rose to the highest point since June, however, it is still near the record lows.

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.54 percent for the week ended November 3, up from 3.47 percent last week. A year ago at this time, the average rate was 3.87 percent. It is the largest 1-week increase in over six months.

The Freddie Mac survey also showed that the 15-year fixed-rate mortgage averaged 2.84 percent this week, up form 2.78 percent last week. A year ago at this time, the rate for the 15-year loans averaged 3.09 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.87 percent, up from 2.84 percent last week. It was 2.96 percent a year ago.

Sean Becketti, chief economist, Freddie Mac, said "A jump last week in the PCE - the price index tracked most closely by the Fed -- raised the prospect that inflation might not be completely dead after all."