Thirty-year fixed-rate mortgages (FRMs) averaged a 5.29% interest rate with an average 0.7 point for the week ending August 13, up from 5.22% last week but still well below 6.52% a year ago, according to the weekly survey by mortgage giant Freddie Mac (FRE). The 15-year FRM also rose this week to an average 4.68% with an average 0.7 point, up from last week when it averaged 4.63% and far below 6.07% last year. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.75% this week, with an average 0.6 point, up from last week when it averaged 4.73%, and one-year Treasury-indexed ARMs averaged 4.72% this week with an average 0.4 point, down from last week when it averaged 4.78 %. Freddie’s vice president and chief economist, FrankNothaft, attributed the gain in rates to slightly improved unemployment figures released last week. The US unemployment rate ticked down to 9.4% in July, representing the first monthly decline since April 2008, Nothaft noted. The narrowed job losses combined with higher median house prices in MSAs across the US encouraged rising rates, he said. Another interest rate survey that studies large banks and thrifts posted results much in-line with Freddie’s survey. Bankrate.com found 30-year FRMs ticked up 2 bps, while 15-year FRMs fell 4 bps. At the same time, the average jumbo 30-year tumbled 18 bps, and ARMs dropped 1 bp for one-years and 10 bps for 5/1 ARMs. Write to Diana Golobay. Disclaimer: The author held no relevant investments when this story was published.
Freddie Sees Weekly Rates Rise on Lower Unemployment
Most Popular Articles
Latest Articles
Selling your home to a family member in 5 easy steps
Selling your home to a family member can be beneficial but requires careful planning and transparent communication. Follow these five steps to ensure a smooth transaction, from agreeing on logistics and assembling a professional team to determining your home’s value and understanding tax implications.
-
FOA reverse stock split goes into effect, appears to have intended impact
-
Senate Aging Committee leaders introduce bill on aging in place
-
HousingWire Pulse: Respondents show cautious optimism about the Q3 housing market
-
US Senate committee approves full funding for Ginnie Mae
-
Connecticut Senator asks HUD for answers on backlog of discrimination complaints