Fixed Mortgage Rates Move Higher Again

Fixed Mortgage Rates Increase for Third Straight Week

Fixed Mortgage Rates Increase for Third Straight Week

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending August 16, 2012, the 30-year fixed-rate mortgage (FRM) averaged 3.62 percent – up from last week when it averaged 3.59 percent. Last year at this time the 30-year FRM averaged 4.15 percent.

15-Year Fixed Rate Mortgages

The 15-year fixed rate mortgages also increased. The 15-year fixed rate  mortgage averaged 2.88 percent for the week – up slightly from 2.84 percent. Last year at this time, the 15-year FRM averaged 3.36 percent.

5-Year Adjustable Rate Mortgages

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) decreased to 2.76 percent – dropping slightly from last week when it averaged 2.77 percent.  A year ago, the 5-year ARM averaged 3.08 percent.

1-Year Adjustable Rate Mortgages

The one-year Treasury-indexed ARM averaged 2.69 percent, up from last week when it averaged 2.65 percent. Last year at  this time, the 1-year ARM averaged 2.86 percent.

Don’t miss out! 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:

“The latest economic indicators point toward low inflation but gradually stronger economic activity which placed further upward pressure on long-term Treasury yields and, in turn, fixed mortgage rates. For example, inflation remains in check with 12-month growth in the core consumer price index falling for a second month to 2.1 percent in July. At the same time, industrial production rose 0.6 percent in July compared to a 0.1 percent increase in June and retail sales jumped 0.8 percent in July from a 0.7 percent decline in June.” 

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.