Long-term mortgage rates ticked up last week, which Freddie Mac, in its weekly survey, attributes to improving jobless figures. There is also hope that the current housing slump may be coming to an end, as well, and that may be contributing, the survey said.
The mortgage rates for the 30-year fixed rate rose from last week, with an average of 5.29 percent and 0.7 points for the week ending Aug. 13th. Last week the same mortgage was at 5.22 percent but with 0.6 points. Last year at this time, the 30-year fixed rate mortgage averaged 6.52 percent, with 0.7 points.
The 15-year fixed mortgage rates averaged 4.68 percent with an average 0.7 point. This is up from last week when the same mortgage rate averaged 4.63 percent with 0.6 points. A year ago at this time, the 15-year fixed rate mortgage averaged 6.07 percent, with 0.7 points.
Five-year adjustable-rate mortgages (ARMs) averaged 4.75 percent and 0.6 points. Last week the same mortgage rates were at 4.73 percent and 0.6 points. A year ago, the 5-year ARM averaged 6.02 percent, with 0.6 points.
Bucking the trend, one-year Treasury-indexed ARMs averaged 4.72 percent this week with 0.4 points. This is down from last week when it averaged 4.78 percent and 0.5 points. At this time last year, the 1-year ARM averaged 5.18 percent, but with 0.5 points.
For those not aware, points are pre-paid interest which is paid at the time the mortgage is taken out.
Written by Michael Santo
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