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U.S.mortgage rates rise slightly

Oct. 11, 2012 at 1:03 PM   |   Comments

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WASHINGTON, Oct. 11 (UPI) -- Fixed mortgage rates on long-term loans in the United States rose off record lows in the week ending Thursday, the Federal Home Loan Mortgage Corp. said.

The average 30-year fixed mortgage interest rate rose from 3.36 percent to 3.39 percent with an average 0.7 points, Freddie Mac said.

A year earlier, interest rates for 30-year, fixed-rate loans were at 4.12 percent.

For 15-year loans, interest rates rose from 2.69 percent to 2.7 percent with an average 0.6 points. A year ago, 15-year loan rates averaged 3.37 percent.

Average interest rates for five-year adjustable-rate mortgages rose from 2.72 percent in the week to 2.73 percent. In the same week of 2011, rates for five-year ARM contracts stood at 3.06 percent.

The average interest rates for one-year ARM contracts was 2.59 percent in the week with 0.4 points, up from 2.57 percent in the previous week.

Rates a year ago for one-year ARM contracts averaged 2.9 percent.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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