Mortgage rates around the country rose this week, though 30-year mortgages stayed under 6 percent for the sixth consecutive week.
Freddie Mac, in its weekly survey released Thursday, reported that rates on 30-year fixed-rate mortgages averaged 5.83 percent for the week ended Sept. 9, up from 5.77 percent last week.
Rates on 30-year mortgages hit a high this year of 6.34 percent the week of May 13.
Rates had slowly drifted downward as economic activity cooled in the late spring and early summer. Rates moved up this week amid recent signs the economy may be emerging from its soft patch, analysts said.
Frank Nothaft, Freddie Mac's chief economist, said rates on 30-year mortgages could gradually rise to about 6 percent by the end of the year, which would still be low by historical standards.
"Low mortgage rates will sustain a brisk housing market, leading to record home sales and single-family construction this year," he said.
For 15-year fixed-rate mortgages, a popular option for refinancing, rates increased this week to 5.22 percent, compared with 5.15 percent last week. Rates on one-year adjustable-rate mortgages rose to 4 percent, from 3.97 percent.
The nationwide averages for mortgage rates do not include add-on fees known as points. The 30-year and 15-year mortgages each carried a 0.8 point fee. One-year ARMs carried an average 0.7 point.
A year ago, rates on 30-year mortgages averaged 6.44 percent, with 15-year mortgages at 5.77 percent and one-year ARMs at 3.98 percent.
The Mortgage Bankers Association, meanwhile, said refinancing accounted for 41.4 percent of all home mortgage applications filed last week, up from 40.7 percent the previous week.
EVENTS . . . "Envision Utah: Lessons from the Front" is the title of a lecture at 12:30 p.m. Wednesday at the National Building Museum, 401 F St. NW, Washington. The lecturer, Natalie Gochnour of the Environmental Protection Agency, plans to talk about her experiences with a public-private partnership in the Salt Lake City area that examined growth issues, and discuss how other regions can learn from that group. Admission is free. . . . The building museum's Festival of the Building Arts on Sept. 18 offers opportunities to build a brick wall, thatch a roof or climb aboard a concrete mixer. The event, which is free, is from 10 a.m. to 4:30 p.m. For information, call 202-272-2448; Web site: www.nbm.org.
PERSONNEL . . . Bozzuto Construction of Greenbelt named Larry Burney and David Byzek construction superintendents. The company also named Shawn Howerton assistant controller.
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