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Interest rates on U.S. 30- and 15-year fixed-rate mortgages crept upward in the week ending Nov. 16 after hitting record lows the previous week, Freddie Mac said on Thursday.
Thirty-year mortgages stood at an average 6.51 percent in the week, up from 6.45 percent last week, while 15-year mortgages stood at an average 5.98 percent, up from 5.94 percent. But one-year adjustable rate mortgages fell to an average 5.06 percent from 5.30 percent last week.
A year ago, 30-year mortgages averaged 7.73 percent, 15-year mortgages 7.41 percent and the ARM 7.25 percent. The bump-up is consistent with economic forecasts, but rates should stay low, said Frank Nothaft, Freddie Mac’s deputy chief economist.
