Mortgage rates inch upward in latest data

Rates for all mortgage types rise

Mortgage rates reversed course and inched upward last week, Freddie Mac said in its most recent weekly mortgage report.

According to Freddie Mac’s Primary Mortgage Market Survey (for the week ending October 11, 2012), average mortgage rates for all mortgage types surveyed rose on a weekly basis.

Average rates for 30-year fixed mortgages rose to 3.39 percent, up from last week’s 3.36 percent average, while shorter-term 15-year fixed mortgages rose from 2.69 percent to 2.70 percent week over week.

Rates for adjustable rate mortgages (ARMs) increased, as well.

Average rates for 5-year ARMs rose to 2.73 percent, up from 2.72 percent the previous week, while 1-year ARMs averaged 2.59 percent after coming in at an average of 2.57 percent the previous week.

Mortgage rates still historically low

Despite the weekly rise in average rates, Freddie Mac said, fixed mortgage rates still remain near their all-time record lows.

One year ago at this time, 30-year fixed mortgages averaged 4.12 percent, 15-year fixed mortgages averaged 3.37 percent, 5-year ARMs averaged 3.06 percent, and 1-year ARMs averaged 2.90 percent.

“Mortgage rates were little changed this holiday week following the employment report for September,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement.

“Payroll employment increased by 114,000 workers, although manufacturing jobs dipped for the second month in a row. Employment in the prior two months was revised up 86,000 and the unemployment rate fell to 7.8 percent, marking the lowest rate since January 2009.”

Posted in: Mortgage, Mortgage Rates, Refinance, Refinance Rates

Mortgage News: This article was published on 10-15-2012 at 12:46 pm.

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