Fixed Mortgage Rates Continue Upward March

August 24, 2012 (Shirley Allen)

Interest rates for fixed rate mortgages continued to climb higher for the forth consecutive week while adjustable rate mortgages ended the week mixed according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending August 23rd.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages moved higher again this week, with the 30-year fixed rate averaging 3.66 percent with an average of 0.7 points, up from the previous week’s average of 3.62 percent. It was the 22nd consecutive week that mortgage rates have been under four percent. A year ago, the 30-year fixed rate mortgage averaged 4.22 percent.

The 15-year fixed rate mortgage averaged 2.89 percent with an average of 0.7 points, up from last week’s average of 2.88 percent. Mortgage rates for the 15-year fixed mortgage have been under three percent for 13 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.44 percent.

Regionally, the West had the lowest overall 30-year fixed rate of 3.63 percent while the Southeast reported the highest overall rate of 3.71 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable-rate mortgages were mixed again this week with the 5-year Treasury-indexed hybrid ARM averaging 2.80 percent, with an average of 0.6 points, up from last week’s average of 2.76 percent. The 5-year adjustable rate mortgage averaged 3.07 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage averaged 2.66 percent with an average of 0.4 points, down from last week’s average of 2.69 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.93 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates inched upward this week along with other long-term yields. The Census Bureau reported that residential building permits were up in July, although builders slowed the pace of construction starts on one-family homes in July to the least since March while apartment and condominium building picked up to the most since April. Existing home sales rose in July from June’s eight-month low and the median sales price jumped 9.4 percent from a year earlier, representing the largest 12-month gain since January 2006. The price gain was broad-based, with annual increases registered in all four regions of the U.S. and led by a 24.5 percent increase in the West.”

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.66 3.66 3.71 3.66 3.70 3.63
Fees & Points 0.7 0.7 0.7 0.7 0.7 0.7

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 2.89 2.89 2.92 2.89 2.93 2.84
Fees & Points 0.7 0.7 0.7 0.6 0.7 0.6

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.80 2.88 2.79 2.85 2.78 2.71
Fees & Points 0.6 0.6 0.7 0.5 0.6 0.6
Margin 2.74 2.73 2.75 2.73 2.77 2.74

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.66 2.55 2.69 2.85 2.70 2.60
Fees & Points 0.4 0.7 0.5 0.3 0.4 0.3
Margin 2.77 2.80 2.78 2.73 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 4.22   3.44   3.07   2.93   3.62   2.88   2.76   2.69  
Fees & Points 0.7   0.6   0.5   0.5   0.6   0.6   0.6   0.4  
Margin N/A N/A 2.74   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