Interest Rates Up – Second Week in a Row!

Stronger than expected employment rates caused fixed mortgage rates to increase for the second week in a row.  Rates for the week ending August 9, 2012 were as follows:

 – 30-Year Fixed Rate Mortgage – Averaged 3.59% with an average .6 point. This is an increase from last week’s average of 3.55%. Last year at this time, 30-Year FRMs averaged 4.32%.
– 15-Year Fixed Rate Mortgage – Averaged 2.84% with an average .6 point. This is an increase from last week’s average of 2.83%. Last year at this time 15-Year FRMs averaged 3.50%.

– 5-Year Treasury Indexed Hybrid Adjustable Rate Mortgage – Averaged 2.77% with an average .6 point. This is an increase from last week’s average of 2.75%. Last year this time 5-Year ARMs averaged 3.13%.

– 1-Year Treasury Indexed Adjustable Rate Mortgage – Averaged 2.65% with an average .4 point. This is a decrease from last week’s average of 2.70%. Last year this time 1-Year ARMs averaged 2.89%.

Source: Freddie Mac