Nationwide average mortgage rates continued their recent climb according to the latest Primary Mortgage Market Survey released by Freddie Mac (the Federal Home Loan Mortgage Corporation). In its latest report, Freddie Mac stated that 30-year fixed rate mortgages posted an increase from 6.23% in the previous report to 6.25% this week.15-year fixed rate mortgages, however, reversed the trend by remaining unchanged at 5.98%.
Five-year adjustable rate mortgages dropped from 6.04% the previous week to 6.0% in this week's report. One-year adjustables also fell to 5.49% compared to 5.51% in the report from a week earlier.
The increase in long term mortgage rates and the decrease in short term rates are actually a good omen for the economy because some economists believe that an inverted yield curve is a negative sign for the economy and can foretell an impending recession.
An inverted yield curve occurs when short term interest rates rise higher than long term rates. This has happened with mortgage rates in the recent past, so a change toward the other direction is welcome in the mortgage industry.
Here are the current average mortgage rates nationwide as provided by the Federal Home Loan Mortgage Corporation (Freddie Mac):
| Rates This Week | Last Week's Rate | |
| 30-year Fixed | 6.25% | 6.23% |
| 15-year Fixed | 5.98% | 5.98% |
| 5-year ARM | 6.00% | 6.04% |
| 1-year ARM | 5.49% | 5.51% |
Bob Roscoe, Mortgage Marketing Associates, Minneapolis, Minnesota
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