Mortgage.net - US Mortgage Rates

By Amy Hoak, MarketWatch
Last update: 11:23 a.m. EST Dec. 13, 2007
CHICAGO (MarketWatch) -- Mortgage rates reversed course and rose this week on employment data that indicated to some that a recession might not be as likely as previously thought, Freddie Mac's chief economist said on Thursday.
The 30-year fixed- rate mortgage averaged 6.11% this week, up from last week's 5.96% average. The 30-year averaged 6.12% a year ago. The 15-year fixed-rate mortgage averaged 5.78%, up from last week's 5.65%. The mortgage averaged 5.86% a year ago.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.89%, up from last week's 5.75%. The ARM averaged 5.92% a year ago. One-year Treasury-indexed ARMs averaged 5.50%, up from last week's 5.46% average. The ARM averaged 5.45% a year ago.
To obtain the rates, the 30- and 15-year fixed-rate mortgages required payment of an average 0.5 point, while the 5- and 1-year ARMs required payment of an average 0.6 point. A point is 1% of the total mortgage amount, charged as prepaid interest.
"November's employment report showed stronger job growth, no change in the unemployment rate and a jump in wages, suggesting to some market participants that the probability of an upcoming recession might be lower than originally thought," said Frank Nothaft, Freddie Mac chief economist, in a news release. "This led to a rise in interest rates for U.S. Treasury securities this week and mortgage rates followed.
"However, against that backdrop, serious delinquencies (90 days or more delinquent or in foreclosure) on prime conventional mortgages rose to 1.31% in the third quarter of 2007 from 0.79% in the same quarter in 2006. And serious delinquencies for subprime loans rose to 11.38% from 6.78% over the same period, so the housing segment of the economy still has a way to go before bottoming out."
In a separate report released on Wednesday, the Mortgage Bankers Association reported that mortgage applications rose 2.5% last week. See full story. 
Amy Hoak is a MarketWatch reporter based in Chicago