MCLEAN, Va. -- Freddie Mac of McLean, Va., said Friday mortgage rates inched higher during the latest reporting week. The group said the popular 30-year fixed-rate mortgage rose to 5.76 percent, with an average 0.7 points, for the week ending Nov. 11, up from last week when it averaged 5.70 percent. Last year at this time, the 30-year averaged 5.98 percent.

The average rate on the 15-year loan this week rose to 5.16 percent, with an average 0.7 points, up from last week when it averaged 5.08 percent. A year ago, the 15-year loan averaged 5.31 percent.

One-year Treasury-indexed adjustable-rate mortgages rose to 4.16 percent this week, with an average 0.6 point, up from last week when it averaged 4 percent. At this time last year, the one-year ARM averaged 3.73 percent.

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to create a continuous flow of funds to mortgage lenders in support of homeownership and rental housing. Freddie Mac purchases mortgages from lenders and packages them into securities that are sold to investors.

Copyright 2004 by United Press International