MCLEAN, Va., Nov. 5 (UPI) -- U.S. mortgagor Freddie Mac said Friday mortgage rates inched higher during the week ended Thursday.
Freddie Mac said the popular 30-year fixed-rate mortgage rose to 5.7 percent, with an average 0.6 points, up from last week when it averaged 5.64 percent.
Last year at this time, the 30-year loan averaged 5.94 percent.
The average for the 15-year loan rose to 5.08 percent, with an average 0.6 points, also up from last week when it averaged 5.01 percent. A year ago, the 15-year loan averaged 5.26 percent.
One-year Treasury-indexed adjustable-rate mortgages rose to 4 percent this week, up from last week when it averaged 3.96 percent. At this time last year, the one-year averaged 3.74 percent.
"The slight increase in mortgage rates this week was due in large part to volatility in long-term bond yields," said Frank Nothaft, Freddie Mac chief economist.
"The uncertainty in bond yields reflected weakness in the manufacturing industry that was offset by economic reports of strength in the service sector."
