30-Year Rates Creep Up to 6.13%

Rates on 30-year mortgages, after sinking for a month, crept up for the second week in a row.

Nevertheless, 30-year mortgage rates are still lower than they were for the corresponding week a year ago.

Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.13 percent this week. That was up slightly from 6.12 percent last week but was down from 6.26 percent a year ago.

"This could bode well for housing in the new year," said Frank Nothaft, Freddie Mac's chief economist.

"Indeed we have seen a spike in refinancing activity over the past few weeks as rates have come down. Borrowers who have adjustable-rate mortgages that are scheduled for a rate adjustment in 2007 may want to consider refinancing those loans now," he said.

Shorter-term adjustable mortgage rates have climbed this year, while movements on longer-term fixed-rate mortgage rates have been more subdued.

After five years of booming activity, the housing market fell into a slump this year. It is likely to stay weak into next year as well, analysts say. But other factors, such as still-decent mortgage rates and a good job market, should help cushion the situation, they say.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, rose to 5.89 percent this week, from 5.86 percent last week.

For five-year adjustable mortgages, rates also went up, rising to 5.96 percent this week, compared with 5.92 percent last week.

However, rates on one-year adjustable-rate mortgages edged down to 5.44 percent this week, from 5.45 percent last week.

The mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages each carried a nationwide average fee of 0.4 point. Five-year adjustables had an average fee of 0.5 point, while one-year ARMs carried a fee of 0.6 point.

A year ago, rates on 15-year mortgages stood at 5.79 percent, five-year ARMs averaged 5.82 percent and one-year ARMs were at 5.22 percent.

AWARDS . . . The Maryland-National Capital Building Industry Association recently presented leadership awards to two of its members. Roger M. Lebbin of Mid-Atlantic Builders received the Milton E. Kettler Award, presented in honor of lifetime achievement for participation, contributions and service to the association, industry and community. Joseph C. Smith of Georgetown Insurance Service received the Joseph C. Rodgers Sr. Award, presented to a non-builder in recognition of work with the association.

PERSONNEL . . . The Northern Virginia Association of Realtors has installed Luis A. Lama of Long & Foster Real Estate as its 2007 Chairman of the Board.

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