Fixed Mortgage Rates Move Higher for Second Consecutive Week
August 9, 2012
Fixed mortgage rates moved higher following stronger-than-expected employment reports, according to the latest Freddie Mac Mortgage Market Survey.
The 30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.6 point for the week ending Aug. 9, up from last week when it averaged 3.55 percent. Last year at this time, the 30-year FRM averaged 4.32 percent.
Meanwhile, the 15-year FRM this week averaged 2.84 percent with an average 0.6 point, up from last week when it averaged 2.83 percent. A year ago at this time, the 15-year FRM averaged 3.50 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.77 percent this week with an average 0.6 point, up from last week when it averaged 2.75 percent. A year ago, the 5-year ARM averaged 3.13 percent.
The 1-year Treasury-indexed ARM averaged 2.65 percent this week with an average 0.4 point, down from last week when it averaged 2.70 percent. At this time last year, the 1-year ARM averaged 2.89 percent.