30 year fixed rate mortgages increase

Freddie Mac reported in its weekly nationwide survey that 30-year fixed-rate mortgages rose to 6.46 percent this week from 6.04 percent last week. The sharp increase pushed 30-year rates to the highest level since the week of Oct. 16.

Rates on 15-year fixed-rate mortgages rose to 6.19 percent from 5.72 percent. Rates on five-year adjustable-rate mortgages rose to 6.36 percent from 6.06 percent, and rates on one-year adjustable-rate mortgages rose to 5.38 percent from 5.23 percent.

Rates don't include add-on fees known as points. For 30-year, 15-year and five-year mortgages, the fee was 0.7 point. For one-year adjustable-rate mortgages, it was 0.6 point.

Rates on 30-year mortgages hit a high for the year of 6.63 percent in late July and then dropped to a seven-month low of 5.78 percent the week of Sept. 18.

Associated Press

Jury recommends $48.5 million for Sempra

A federal court jury in Los Angeles recommended a $48.5 million award in a lawsuit filed by Sempra Energy blaming an insurance adviser for recommending a policy that failed to cover investment losses in a pair of Argentinean natural gas companies.

Investments in the Camuzzi Cos. lost their value in 2002 when Argentina changed the way it calculated its property license tariffs. Marsh USA had advised Sempra to buy an “off-the-shelf” insurance policy from AIG. “These guys were retained to do one job – get us the right kind of policy – and failed at that fundamental task,” said Kirk Pasich, Sempra's trial lawyer.

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Business Financial Services

30 year fixed rate mortgages increase