30-year Fixed-rate Mortgage Slides Up
August 2, 2012
Fixed mortgages rates broke their streak of record-breaking lows and moving higher on mixed Eurozone and domestic economic data, according to the latest Freddie Mac Primary Mortgage Market Survey.
Before this week, the average rate on the 30-year fixed had fallen to or matched record-low levels in 13 of the past 14 weeks.
The 30-year fixed-rate mortgage (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.
Meanwhile, the 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.
The 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.
The 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.