Fixed Mortgage Rates Climb

Fixed Mortgage Rates Move Higher for Second Consecutive Week
Fixed Mortgage Rates Move Higher for Second Consecutive Week

30-Year Fixed Rate Mortgages

Average 30-year fixed rate mortgages increased following stronger than expected employment reports for the week ending August 9, 2012. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.59 percent – up from last week when it averaged 3.55 percent. Last year at this time the 30-year FRM averaged 4.32 percent.

15-Year Fixed Rate Mortgages

The 15-year fixed rate mortgages also increased. The 15-year fixed rate  mortgage averaged 2.84 percent for the week – up slightly from 2.83 percent. Last year at this time, the 15-year FRM averaged 3.50 percent.

5-Year Adjustable Rate Mortgages

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) increased to 2.77 percent – up slightly from last week when it averaged 2.75 percent.  A year ago, the 5-year ARM averaged 3.13 percent.

1-Year Adjustable Rate Mortgages

The one-year Treasury-indexed ARM averaged 2.65 percent, down from last week when it averaged 2.70  percent. Last year at  this time, the 1-year ARM averaged 2.89 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:

“Fixed mortgage rates inched up again this week following stronger-than-expected employment reports. The economy added 163,000 jobs in July, well above the market consensus forecast of 100,000, and the largest increase since February. In addition, the number of announced corporate layoffs fell 45 percent in July compared to last July and was the third time this year that announced layoffs were less than the same month in 2011 according to The Challenger Report. This suggests further net gains in employment are likely in the near future.” 

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.