Fixed Mortgage Rates Up Slightly

By:: Kara Johnson | October 28, 2010

Fixed mortgage rates remained stable this week, easing up just slightly, according to the weekly Freddie Mac rate survey.

Averages on both 30- and 15-year fixed-rate mortgages rose two basis points, to 4.23 percent and 3.66 percent, respectively. Both remain close to their all-time lows of 4.19 percent and 3.62 percent, set two weeks ago.

Meanwhile, rates on the five-year Treasury indexed adjustable rate mortgage fell to a new low, with the average initial rate down to 3.41 percent, down from 3.45 percent last week. It’s the lowest the rate has been since Freddie Mac began reporting the ARM rate in 2005.

Mixed economic news left rates largely unchanged, according to Frank Nothaft, Freddie Mac chief economist. Consumer confidence rose more than expected in October, according to this week’s report by the conference board, but still remains near historic lows.

Meanwhile, Standard and Poor’s reported this week that home prices fell in August, while the National Association of Realtors reported that existing home sales rose for the second straight month in September, up 18 percent from July’s low. New home sales also rose for two consecutive months, according to the Commerce Department, but remain near record lows.

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National Rates

Loan Type	Today	+/-
30 yr fixed	3.69
15 yr fixed	3.00
5/1 ARM	2.75

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