U.S. Fixed Mortgage Rates Move Higher for Fourth Consecutive Week


 
Author: Chad Wandler
Location: McLean
Date: 2012-08-24

Freddie Mac (OTC: FMCC) yesterday released the results of its Primary Mortgage Market Survey (PMMS), showing fixed mortgage rates following long-term Treasury yields higher amid continued positive data on the housing market. This marks the fourth straight week of fixed mortgage rates gradually moving higher.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.7 point for the week ending August 23, 2012, up from last week when it averaged 3.62 percent. Last year at this time, the 30-year FRM averaged 4.22 percent.
  • 15-year FRM this week averaged 2.89 percent with an average 0.7 point, up from last week when it averaged 2.88 percent. A year ago at this time, the 15-year FRM averaged 3.44 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.6 point, up from last week when it averaged 2.76 percent. A year ago, the 5-year ARM averaged 3.07 percent.
  • 1-year Treasury-indexed ARM averaged 2.66 percent this week with an average 0.4 point, down from last week when it averaged 2.69 percent. At this time last year, the 1-year ARM averaged 2.93 percent.

 

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

"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."

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