U.S. mortgage rates rose in recent week

WASHINGTON, Oct. 16 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages rose in the week ending Oct. 16, the Federal Home Loan Mortgage Corp. said Thursday.

The 30-year, fixed-rate mortgage averaged 6.46 percent with an average 0.6 points in the week ending Sept. 18, Freddie Mac said.

A week ago, 30-year, fixed-rate mortgages averaged 5.94 percent. A year ago, they averaged 6.4 percent, the report said.

At 6.14 percent with an average 0.6 points, the 15-year, fixed-rate average also rose, up sharply from the previous week's average of 5.63 percent. A year ago, 15-year fixed-rate mortgages averaged 6.08 percent, the report said.

"Interest rates for 30-year fixed-rate mortgages rose this week to an eight-week high," said Frank Nothaft, Freddie Mac vice president and chief economist.

"Recent economic reports suggest the economy is still slowing."

Nothaft said retail sales declined for the third straight month, falling 1.2 percent in September. In addition, he pointed to the Federal Reserve Beige Book report, which indicated "that economic economic activity weakened in September across all twelve Federal Reserve Districts."