Fixed Mortgage Rates Higher for 3rd Week, 30-Year at 3.62%

Fixed mortgage rates this week moved higher for the third straight week, following increases in the long-term Treasury yields, according to Freddie Mac.
A spate of somewhat reassuring news for the economic recovery helped bolster the increases, although mortgages rates remain near their all-time record lows.
The 30-year fixed rate averaged 3.62 percent. Its record low of 3.49 was set last month.
“The latest economic indicators point toward low inflation but gradually stronger economic activity, which placed further upward pressure on long-term Treasury yields and, in turn, fixed mortgage rates,” said Frank Nothaft, vice president and chief economist, Freddie Mac.
Retail sales jumped 0.8 percent in July from a 0.7 percent decline in June.
Inflation remains in check with 12-month growth in the core consumer price index falling for a second month to 2.1 percent in July.
Meanwhile, industrial production rose 0.6 percent in July, compared to a 0.1 percent increase in June.
Here’s the rundown on rates from Freddie Mac:
» 30-year fixed-rate mortgage averaged 3.62 percent, with an average 0.6 point, for the week ending August 16, 2012, up from last week when it averaged 3.59 percent. Last year at this time, the 30-year  averaged 4.15 percent.
» 15-year fixed-rate this week averaged 2.88 percent, with an average 0.6 point, up from last week when it averaged 2.84 percent. A year ago at this time, the 15-year averaged 3.36 percent.
» 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.76 percent this week, with an average 0.6 point, down from last week when it averaged 2.77 percent. A year ago, the 5-year ARM averaged 3.08 percent.
» 1-year Treasury-indexed ARM averaged 2.69 percent this week, with an average 0.4 point, up from last week when it averaged 2.65 percent. At this time last year, the 1-year ARM averaged 2.86 percent.

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