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Mortgage rates inch up
30-year fixed rate loan edges up to 5.82 percent; 15-year hits 5.21 percent.
August 26, 2004: 1:11 PM EDT

NEW YORK (CNN/Money) - Mortgage rates rose this week, with the 30-year loan finally inching higher after falling for eight weeks.

Thirty-year fixed-rate mortgages averaged 5.82 percent in the week ending Thursday, with an average 0.7 point payable up front, up from 5.81 percent the previous week, Freddie Mac said.

A year earlier, the 30-year loan rate averaged 6.28 percent.

The 15-year mortgage rate edged up to 5.21 percent from 5.19 percent, with 0.6 point payable up front. Last year, the rate averaged 5.60 percent.

One-year adjustable rate mortgages (ARMs) averaged 4.05 percent, up from 4.01 percent last week, with 0.6 of a point payable up front.

The average rate for ARMs was 3.84 percent a year ago.

"Mortgage rates were mostly unchanged this week, amid conflicting economic reports as to the strength of the economy," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. "July home sales fell from their record rate, but remain strong by historical standards.

"Our housing outlook remains positive, and forecasts only a gradual rise in mortgage rates in the next few months, indicating another strong year for the housing sector."

Freddie Mac's (FRE: up $0.05 to $66.31, Research, Estimates) average mortgage rates are based on a survey of 125 lenders nationwide.  Top of page

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