Mortgage rates mostly higher in week

Aug. 2, 2012 at 4:12 PM

WASHINGTON, Aug. 2 (UPI) -- Fixed mortgage rates on long-term loans in the United States rose off of record lows in the week ending Thursday, the Federal Home Loan Mortgage Corp. said.

The average 30-year fixed mortgage, which has been below 4 percent for every week but one in 2012, rose from 3.49 percent to 3.55 percent with an average 0.7 points, Freddie Mac said.

A year earlier, interest rates for 30-year, fixed-rate loans were at 4.39 percent.

For 15-year loans in the week ending Thursday, interest rates rose from 2.8 percent to 2.83 percent with an average 0.6 points. A year ago, 15-year loan rates averaged 3.54 percent.

Interest rates for five-year adjustable-rate mortgages rose from 2.74 percent to 2.75 percent in the week with 0.6 points. In the same week of 2011, rates for five-year ARM contracts stood at 3.18 percent.

The average interest rates for one-year ARM contracts dropped from 2.71 percent to 2.7 percent in the week with 0.4 points. Rates a year ago for one-year ARM contracts averaged 3.02 percent.

Related UPI Stories
Latest Headlines
Trending Stories
Vatican: Bishops not required to report abuse
Former military doctors call for end to live tissue training
Nicola Griffin to appear in Sports Illustrated swimsuit issue at 56
Slovenian town plans public beer fountain
Congressional Black Caucus PAC to endorse Clinton after N.H. primary loss to Sanders