Hi Folks,

Rates on 30-year mortgages jumped to the highest level in seven months, Freddie Mac reported in its nationwide survey. Thirty-year, fixed-rate mortgages rose to 6.37 percent from 6.21 percent last week. It was the highest level for 30-year mortgages since they averaged 6.40 percent the week of Oct. 26.

Fifteen-year mortgage rates averaged 6.06 percent, the first time above 6 percent since mid-February. Last week they averaged 5.92 percent.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, rose to 6.06 percent from 5.92 percent.
Five-year adjustable-rate mortgages rose to 6.02 percent from 5.92 percent. One-year adjustable rate mortgages rose to 5.64 percent from 5.48 percent.

Rates don't include add-on fees known as points. Thirty-year and 15-year mortgages both carried fees of 0.4 point. Five-year adjustable-rate mortgages carried a 0.5 point fee and one-year ARMs carried a fee of 0.6 point.

The "5/1" ARM, set at a fixed rate for five years and adjustable each following year, averaged 6.02 per cent, up from 5.92 per cent last week. Fees and points charged on the hybrid mortgage averaged 0.5 per cent, unchanged from last week.