U fixed mortgage rates rise for 2 straight weeks

US fixed mortgage rates continued to rise for the second consecutive week on healthier- than-expected economic data, a Freddie Mac survey showed Thursday. The 30-year fixed-rate mortgage (FRM) rose to 4.35 percent in the week ending Thursday from 4.16 percent in the previous week, according to the Primary Mortgage Market Survey released by Freddie Mac, the U.S. mortgage giant. The 15-year FRM, a popular guide for those looking to refinance, also edged up to 3.35 percent this week from 3.27 percent in the prior week. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) climbed 0.5 percentage point to 3.01 percent, and the one- year Treasury-indexed ARM remained unchanged at 2.61 percent. "Fixed mortgage rates increased this week following stronger- than-expected economic data releases," Freddie Mac's chief economist Frank Nothaft said in a statement. Non-farm payrolls increased by 204,000 in October, and preliminary estimates put real GDP growth in the third quarter at 2.8 percent, both beating market consensus. The U.S. Commerce Department also reported Thursday that the U. S. productivity edged up 1.9 percent in third quarter on an annual basis.