30-year Fixed-rate Mortgage Moves Up, Averages 3.55 Percent
For the week ending Aug. 2, 2012
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgages rates breaking their streak of record-breaking lows and moving higher on mixed Eurozone and domestic economic data. Before this week, the average rate on the 30-year fixed had fallen to or matched record-low levels in 13 of the past 14 weeks.
- 30-year fixed-rate mortgage (FRM) averaged 3.55 percent with an average 0.7 point for the week ending August 2, 2012, up from last week when it averaged 3.49 percent. Last year at this time, the 30-year FRM averaged 4.39 percent.
- 15-year FRM this week averaged 2.83 percent with an average 0.6 point, up from last week when it averaged 2.80 percent. A year ago at this time, the 15-year FRM averaged 3.54 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.75 percent this week with an average 0.6 point, up from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 3.18 percent.
- 1-year Treasury-indexed ARM averaged 2.70 percent this week with an average 0.4 point, down from last week when it averaged 2.71 percent. At this time last year, the 1-year ARM averaged 3.02 percent.
Freddie Mac’s survey is the average of loans bought from lenders last week, including discount points. Follow this link to view today’s MN and WI mortgage interest rates.