August 17, 2012 (Shirley Allen)
Mortgage interest rates for 30-year and 15-year fixed mortgages climbed again this week, the third consecutive week of increases, while adjustable rate mortgages were mixed according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending August 16th.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages moved higher again this week, with the 30-year fixed rate averaging 3.62 percent with an average of 0.6 points, up from the previous week’s average of 3.59 percent. It was the 21st consecutive week that mortgage rates have been under four percent. A year ago, the 30-year fixed rate mortgage averaged 4.15 percent.
The 15-year fixed rate mortgage averaged 2.88 percent with an average of 0.6 points, up from last week’s average of 2.84 percent. Mortgage rates for the 15-year fixed mortgage have been under three percent for 12 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.36 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages were mixed again this week with the 5-year Treasury-indexed hybrid ARM averaging 2.76 percent, with an average of 0.6 points, down from last week’s average of 2.77 percent. The 5-year adjustable rate mortgage averaged 3.08 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.69 percent with an average of 0.4 points, up from last week’s average of 2.65 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.86 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “The latest economic indicators point toward low inflation but gradually stronger economic activity which placed further upward pressure on long-term Treasury yields and, in turn, fixed mortgage rates. For example, inflation remains in check with 12-month growth in the core consumer price index falling for a second month to 2.1 percent in July. At the same time, industrial production rose 0.6 percent in July compared to a 0.1 percent increase in June and retail sales jumped 0.8 percent in July from a 0.7 percent decline in June.”
30-Year Fixed Rate Mortgages | US | NE | SE | NC | SW | W |
---|---|---|---|---|---|---|
Average | 3.62 | 3.62 | 3.68 | 3.58 | 3.66 | 3.59 |
Fees & Points | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 |
15-Year Fixed Rate Mortgages | US | NE | SE | NC | SW | W |
---|---|---|---|---|---|---|
Average | 2.88 | 2.90 | 2.93 | 2.83 | 2.92 | 2.84 |
Fees & Points | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 |
5/1-Year Adjustable Rate Mortgages | US | NE | SE | NC | SW | W |
---|---|---|---|---|---|---|
Average | 2.76 | 2.79 | 2.76 | 2.86 | 2.76 | 2.67 |
Fees & Points | 0.6 | 0.5 | 0.6 | 0.5 | 0.6 | 0.6 |
Margin | 2.75 | 2.77 | 2.75 | 2.74 | 2.77 | 2.74 |
1-Year Adjustable Rate Mortgages | US | NE | SE | NC | SW | W |
---|---|---|---|---|---|---|
Average | 2.69 | 2.71 | 2.71 | 2.71 | 2.70 | 2.65 |
Fees & Points | 0.4 | 0.5 | 0.5 | 0.3 | 0.4 | 0.3 |
Margin | 2.76 | 2.80 | 2.78 | 2.71 | 2.77 | 2.75 |
The National Mortgage Rate Snapshot | One Year Ago | One Week Ago | ||||||
---|---|---|---|---|---|---|---|---|
30-YR | 15-YR | 5/1-YR | 1-YR ARM | 30-YR | 15-YR | 5/1-YR | 1-YR ARM | |
Average | 4.15 | 3.36 | 3.08 | 2.86 | 3.59 | 2.84 | 2.77 | 2.65 |
Fees & Points | 0.7 | 0.6 | 0.5 | 0.6 | 0.6 | 0.6 | 0.6 | 0.4 |
Margin | N/A | N/A | 2.73 | 2.76 | N/A | N/A | 2.75 | 2.76 |
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury
Source:
Freddie Mac