Mortgage at 4-year High

According to Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 6.60% nationally in the week ending Thursday, up from 6.58% a week ago. Last year at this time, the 30-year loan averaged 5.71%. This is almost a four-year peak. The rate has not been higher since the week ending June 20, 2002, when it averaged 6.63%.

The 15-year fixed-rate mortgage (a popular refinancing choice until a few months back), increased to 6.20% from 6.17%. A year ago, the 15-year averaged 5.27%.

The 1-year Treasury-indexed adjustable-rate mortgage (ARM) was unchanged at 5.62%. At this time last year, this rate averaged 4.26%. The 5-year hybrid ARM rose slightly to 6.23% from 6.22%. A year ago, the 5-year ARM averaged 5.07%.

Experts at Freddie Mac now expect the 30-year fixed mortgage rate to average 6.7% in the 4th quarter and the introductory rate on the 1-year ARM to rise to 5.8%.