Fixed-rate mortgage rates rise, breaking streak
- August 2, 2012
Fixed-rate mortgage interest rates have broken their streak of record-breaking lows.
McLean-based Freddie Mac said its Primary Mortgage Market Survey found 30-year and 15-year fixed rate mortgages (FRM) rose this week.
The 30-year FRM had fallen or matched record-lows in 13 of the past 14 weeks.
“Recent announcements of additional debt relief for the Eurozone and mixed domestic economic indicators added upward pressure on Treasury yields as well as mortgage rates this week,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement.
A breakdown of the mortgage survey shows:
• 30-year FRM averaged 3.55 percent with an average 0.7 point for the week ending Aug 2., up from last week when it averaged 3.49 percent. Last year at this time, the 30-year FRM averaged 4.39 percent.
• 15-year FRM this week averaged 2.83 percent with an average 0.6 point, up from last week when it averaged 2.80 percent. A year ago at this time, the 15-year FRM averaged 3.54 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.75 percent this week with an average 0.6 point, up from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 3.18 percent.
• 1-year Treasury-indexed ARM averaged 2.70 percent this week with an average 0.4 point, down from last week when it averaged 2.71 percent. At this time last year, the 1-year ARM averaged 3.02 percent.