BUSINESS BRIEFING
Times Wire Reports
The average rate for a 30-year fixed mortgage was 5.25% this week, up from 5.2% last week, mortgage company Freddie Mac said.
The average rate on a 15-year fixed-rate mortgage increased to 4.69% from 4.68%. Five-year adjustable-rate mortgages averaged 4.75%, up slightly from 4.74%, while one-year ARMs climbed to 4.8% from 4.77%.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point for 30-year and 15-year fixed mortgages. Five-year ARMs averaged a fee of 0.6 point and one-year ARMs averaged 0.5 point.
