Interest rates for fixed mortgages were slightly higher this week while rates for adjustable rate mortgages were mixed according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending August 1st, 2013.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages increased slightly this week with the 30-year fixed rate mortgage increasing eight basis points to an average of 4.39 percent with an average of 0.7 points after declining by six basis points last week. Mortgage rates have increased by 104 basis points over the last 13 weeks. A year ago, the 30-year fixed rate mortgage averaged 3.55 percent.
Average 30-year fixed rates were generally the lowest in the Western portion of the United States where mortgage rates averaged 4.36 percent while the highest rates were reported in the Northeastern area of the country where interest rates averaged 4.43 percent.
The average rate for a 15-year fixed mortgage also increased this week, averaging 3.43 percent with an average of 0.7 points, up from an average of 3.39 percent last week. At this time last year, the 15-year fixed rate mortgage averaged 2.83 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages were mixed this week with the 5-year Treasury-indexed hybrid ARM averaging 3.18 percent, with an average of 0.6 points, up from an average of 3.16 percent last week. The 5-year adjustable rate mortgage averaged 2.75 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.64 percent with an average of 0.4 points, down from an average of 2.65 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.70 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