Well, it was bound to happen sooner or later: Freddie Mac reports that fixed-rate mortgages (FRMs) broke their streak of record-breaking lows and moved higher this week. Before this week, the average rate on the 30-year FRM had fallen to or matched record-low levels in 13 of the past 14 weeks.
The 30-year FRM averaged 3.55% with an average 0.7 point for the week ending Aug. 2, up from last week when it averaged 3.49%. Last year at this time, the 30-year FRM averaged 4.39%.Â
The 15-year FRM this week averaged 2.83% with an average 0.6 point, up from last week when it averaged 2.8%. A year ago at this time, the 15-year FRM averaged 3.54%.Â
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.75% this week with an average 0.6 point, up from last week when it averaged 2.74%. A year ago, the five-year ARM averaged 3.18%.
The one-year Treasury-indexed ARM averaged 2.7% this week with an average 0.4 point, down from last week when it averaged 2.71%. At this time last year, the one-year ARM averaged 3.02%.
‘Recent announcements of additional debt relief for the Eurozone and mixed domestic economic indicators added upward pressure on Treasury yields as well as mortgage rates this week," says Frank Nothaft, vice president and chief economist at Freddie Mac.