Following a 13-week record-low streak, 30-year fixed-rate mortgages—the most popular choice among home buyers—started moving back up this week, according to Freddie Mac’s weekly mortgage market survey. The average 30-year mortgage had dropped or matched record lows in 13 of the last 14 weeks. But this week, mixed economic news prompted mortgage rates to rise higher.

“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,” says Frank Nothaft, Freddie Mac’s chief economist.

Here’s a closer look at how mortgage rates fared for the week ending Aug. 2:

  • 30-year fixed-rate mortgages averaged 3.55 percent, with an average 0.7 point, up from last week’s all-time record average of 3.49 percent. A year ago at this time, 30-year rates averaged 4.39 percent.
  • 15-year fixed-rate mortgages averaged 2.83 percent, with an average 0.6 point, also edging up from its all-time low posted last week of 2.8 percent. Last year at this time, 15-year rates averaged 3.54 percent.
  • 5-year adjustable-rate mortgages averaged 2.75 percent this week, with an average 0.6 point, up slightly from last week’s 2.74 percent average. Last year at this time, 5-year ARMs averaged 3.18 percent.
  • 1-year ARMs averaged 2.7 percent this week, with an average 0.4 point, dropping from last week’s 2.71 average. A year ago, 1-year ARMs averaged 3.02 percent.

 

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2012/08/03/mortgage-rates-inch-up-after-record-streak

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