Freddie Mac: Mortgage Interest Rates Rise Slightly

Nov 17, 2011, 11:41 by R.E. Christian

Long-term mortgage rates were slightly higher in the week ending Thursday, the U.S. Federal Home Loan Mortgage Corp. said.

Freddie Mac said the average interest rates for 30-year, fixed-rate loans rose from 3.99 percent to 4 percent with an average of 0.7 points for the week.

A year earlier during the same week of the year, interest rates for long-term loans averaged 4.39 percent.

For 15-year loans, the rate rose from 3.3 percent during the week to 3.31 percent. Points for 15-year contracts averaged 0.7 point in the week.

A year earlier, 15-year, fixed-rate mortgages averaged 3.76 percent.

Although rates were little changed, both consumer confidence and home builder confidence indexes rose in the month, both supportive of higher interest rates, said Frank Nothaft, Freddie Mac vice president and chief economist.

Source: UPI