30-year mortgage rate ticks higher to 4.00% (by Ruth Mantell)
WASHINGTON (MarketWatch) -- Fixed mortgage rates ticked higher in the latest week, Freddie Mac said Thursday, noting recent positive data on spending and consumer confidence. The average rate on the 30-year fixed-rate mortgage rose to 4.00% in the week ending Nov. 17, compared with 3.99% in the prior week. "Mortgage rates were little changed this week just as the economy is showing potential for further gains in the near term," said Frank Nothaft, Freddie Mac's chief economist, in a statement. A year ago, the 30-year rate was at 4.39%, according to the buyer of residential mortgages. To obtain the latest rate, payment of an average 0.7 point was required. A point is 1% of the mortgage amount, charged in prepaid interest. The average rate on the 15-year fixed-rate mortgage increased to 3.31% in the latest week from 3.30% in the prior week. Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage ticked down to 2.97% from 2.98%. The 1-year Treasury-indexed ARM increased to 2.98% from 2.95%.