Fixed Mortgage Rates Rise Again

Fixed Mortgage Rates Increase for Third Straight Week
Fixed Mortgage Rates Increase for Fourth Week in a Row

30-Year Fixed Rate Mortgages

Average 30-year fixed rate mortgages increased this week following other long term yields. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending August 23, 2012,  the 30-year fixed-rate mortgage (FRM) averaged 3.66 percent – up from last week when it averaged 3.62 percent. Last year at this time the 30-year FRM averaged 4.22 percent.

15-Year Fixed Rate Mortgages

The 15-year fixed rate mortgage also increased. The 15-year fixed rate mortgage averaged 2.89 percent for the week – up slightly from 2.88 percent. Last year at this time, the 15-year FRM averaged 3.44 percent.

5-Year Adjustable Rate Mortgages

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) increased to 2.80 percent – up from last week when it averaged 2.76 percent.  A year ago, the 5-year ARM averaged 3.07 percent.

1-Year Adjustable Rate Mortgages

The one-year Treasury-indexed ARM averaged 2.66 percent, down from last week when it averaged 2.69  percent. Last year at  this time, the 1-year ARM averaged 2.93 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 upward this week along with other long-term yields. The Census Bureau reported that residential building permits were up in July, although builders slowed the pace of construction starts on one-family homes in July to the least since March while apartment and condominium building picked up to the most since April. Existing home sales rose in July from June’s eight-month low and the median sales price jumped 9.4 percent from a year earlier, representing the largest 12-month gain since January 2006. The price gain was broad-based, with annual increases registered in all four regions of the U.S. and led by a 24.5 percent increase in the West.”

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.