August 25, 2011 (Shirley Allen)
Mortgage interest rates climbed up from the previous week’s fifty year lows with the exception of the 5 year ARM which set a new all-time record low according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS).
Fixed Rate Mortgages (FRM):
Thirty year and the 15 year FRMs increased from their record lows last week with the 30 year FRM averaging 4.22 percent, with an average of 0.7 points, up from 4.15 percent reported the previous week. The 30 year FRM averaged 4.36 percent a year earlier.
The 15 year FRM averaged 3.44 percent this week with an average 0.6 points, up from 3.36 percent reported the previous week, and down from 3.86 percent a year ago.
Adjustable Rate Mortgages (ARM):
ARM interest rates were mixed this week with the 5-year Treasury-indexed hybrid ARM setting a new all-time low averaging 3.07 percent, with an average of 0.5 points, which was down from 3.08 percent the previous week. The 5 year ARM averaged 3.56 percent a year earlier.
The 1-year Treasury-indexed ARM averaged 2.93 percent this week with an average of 0.5 points, up from 2.86 percent the previous week. A year ago, the 1 year ARM averaged 3.52 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates followed Treasury bond yields higher this week while data reports suggest an improvement in the housing market. The Federal Housing Finance Agency national House Price Index rose for the third straight month in June bolstered by a 3.3 percent gain in the East North Central Census Division. In addition, the Mortgage Bankers Association reported that the serious delinquency rate (90 days or more plus foreclosures) on mortgages outstanding fell for the sixth consecutive quarter at the end of June to 7.85 percent.”
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.6||0.8||0.6||0.7||0.7|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.6||0.8||0.5||0.6||0.7|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.5||0.4||0.6||0.3||0.6||0.6|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.5||0.6||0.6||0.4||0.8||0.5|
|The National Mortgage Rate Snapshot||One Year Ago||One Week Ago|
|30-YR||15-YR||5/1-YR||1-YR ARM||30-YR||15-YR||5/1-YR||1-YR ARM|
|Fees & Points||0.7||0.6||0.6||0.7||0.7||0.6||0.5||0.6|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury