30-Year Fixed Mortgage Rate Moves Up

Fixed Rate Mortgages Rates Increase
30-Year Fixed Rate Mortgages

Average 30-year fixed rate mortgages increased amid mixed Eurozone and domestic economic data for the week ending August 2, 2012.  According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.55 percent – 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 Fixed Rate Mortgages

The 15-year fixed rate mortgages also increased. The 15-year fixed rate  mortgage averaged 2.83 percent for the week – up from 2.80 percent. Last year at this time, the 15-year FRM averaged 3.54 percent.

5-Year Adjustable Rate Mortgages

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) increased to 2.75 percent – up slightly from last week when it averaged 2.74 percent.  A year ago, the 5-year ARM averaged 3.18 percent.

1-Year Adjustable Rate Mortgages

The one-year Treasury-indexed ARM averaged 2.70 percent, down slightly from last week when it averaged 2.71  percent.  Last year at  this time, the 1-year ARM averaged 3.02  percent.

Contact a licensed mortgage loan professional to take advantage of these historically low mortgage rates. Find an Inlanta Mortgage professional near you.


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


“Recent announcements of additional debt relief for the Eurozone and mixed domestic economic indicators added upward pressure on Treasury yields as well as mortgage rates this week. The U.S. economy grew at a 1.5 percent annualized rate in the second quarter, slower than the 2.0 percent growth in the first quarter with consumer spending in June unchanged from May. However, consumer confidence rose in July for the first time in five months according to The Conference Board.

“Housing data were also assorted. The S&P-500 Case Shiller® 20-City Composite Index rose for the fourth consecutive month in May with 18 of the cities experiencing positive growth. Nonetheless, pending home sales fell 1.4 percent in June, below the market consensus forecast of a 0.3 percent increase, and May’s figure had a downward revision.”

Original Source: Freddie Mac

Interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products,  as well as a full suite of jumbo and portfolio programs. The company is  fully delegated HUD-FHA including FHA 203K, VA, and USDA approved.  Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.