Mortgage interest rates took off again this week after last week’s brief hiatus according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending July 11th, 2013.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages were back on the rise again this week with the 30-year fixed rate mortgage increasing twenty-two basis points to an average of 4.51 percent with an average of 0.8 points after declining by seventeen basis points last week. Mortgage rates have increased by 116 basis points over the last ten weeks. A year ago, the 30-year fixed rate mortgage averaged 3.56 percent.
Average 30-year fixed rates were generally the lowest in the Southeastern portion of the United States where mortgage rates averaged 4.48 percent while the highest rates were reported in the Southwestern and North Central areas of the country where interest rates averaged 4.53 percent.
The average rate for a 15-year fixed mortgage also jumped this week, averaging 3.53 percent with an average of 0.8 points, up from an average of 3.39 percent last week. At this time last year, the 15-year fixed rate mortgage averaged 2.86 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages were mixed again this week with the 5-year Treasury-indexed hybrid ARM averaging 3.26 percent, with an average of 0.7 points, up from an average of 3.10 percent last week. The 5-year adjustable rate mortgage averaged 2.74 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.66 percent with an average of 0.5 points, unchanged for a second consecutive week. A year ago, the 1-year adjustable rate mortgage averaged 2.69 percent.
Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury
Reported by Shirley Allen