The average rate on 30-year fixed-rate mortgages rose for the sixth consecutive week, Freddie Mac said Thursday in its weekly national survey.
The rate on a 30-year mortgage was 5.89 percent, up from 5.82 last week. Last year at this time, the 30-year rate averaged 5.85 percent.
The average for the 15-year fixed-rate mortgage was 5.47 percent, up from 5.38 percent last week. A year ago, the 15-year mortgage averaged 5.24 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.40 percent this week, up from 5.30 percent last week. There is no annual historical information for last year since Freddie Mac only began tracking this mortgage rate at the start of this year.
One-year Treasury-indexed adjustable-rate mortgages averaged 4.57 percent this week, up from 4.47 percent last week. A year ago, the one-year ARMs averaged 4.08 percent.
"The stronger-than-expected employment report coupled with upward revisions in job growth for the previous two months renewed the market's fear of inflation," said Frank Nothaft, vice president and chief economist at Freddie Mac.
The nationwide averages for mortgage rates do not include add-on fees known as points. Thirty-year mortgages and 15-year mortgages each carried an average fee of 0.6 point this week, while 15-year mortgages averaged 0.6 point. One-year ARMs had an average fee of 0.7 point and five-year ARMs averaged 0.6 point.
AWARDS . . . The National Association of Home Builders is seeking entries for the 15th annual Pillars of the Industry Awards, which honor excellence in apartment and condominium design and development, marketing and management. Apartment owners and developers, property managers, architects, interior designers and others involved in the multifamily-housing industry can enter the program. The awards recognize achievement in building, marketing and individual excellence. The deadline to apply is Nov. 1. Details and application forms can be obtained at www.nahb.org/pillars .
EVENTS . . . The National Building Museum, 401 F. St. NW, Washington, is to hold a lecture, "Bernini and Borromini, a Rivalry That Transformed Rome," from 6:30 to 8 p.m. Monday. Author Jake Morrissey is to discuss the rivalry between the 17th century architects and how their competition and animosity transformed Rome while helping create the Baroque style. A book signing ("The Genius in the Design," Harper Collins, $24.95) follows. Professionals can earn 1.5 continuing-education credits. Admission is $15, $10 for students; registration required. For details call 202-272-2448; Web site: www.nbm.org.
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