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Mortgage Rates Inch Up After Record Streak

by Michael Levy on August 6, 2012

in National, NEWS

100 Dollar BillsFollowing a 13-week record-low streak, 30-year fixed-rate mortgages — the most popular choice among home buyers — started moving back up this week, according to Freddie Mac’s weekly mortgage market survey. The average 30-year mortgage had dropped or matched record lows in 13 of the last 14 weeks. But this week, mixed economic news prompted mortgage rates to rise higher.

30-year fixed-rate mortgages averaged 3.55 percent, up from last week’s all-time record average of 3.49 percent. A year ago at this time, 30-year rates averaged 4.39 percent. 

15-year fixed-rate mortgages averaged 2.83 percent, also edging up from its all-time low posted last week of 2.8 percent. Last year at this time, 15-year rates averaged 3.54 percent.

To read the full article, click here: Realtor Mag

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