Mortgage Rates Climb for 4th Week; 30-Year at 3.66%

For the fourth consecutive week, fixed mortgage rates rose this week as positive data on the housing recovery continues to emerge and long-term Treasury yields move higher, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.66 percent, up from last weeks 3.62 percent. Last month, the key long-term rate set an all-time low at 3.49 percent.
Existing home sales increased in July compared to June’s eight-month low, while the median sales price jumped 9.4 percent from a year earlier. This marks the largest 12-month gain since January 2006.
The National Association of Realtors said the price gain was broad-based, covering all U.S. regions.
Here is Freddie Mac’s rundown on mortgage rates:
• 30-year fixed-rate mortgage averaged 3.66 percent, with an average 0.7 point, for the week ending August 23, 2012, up from last week when it averaged 3.62 percent. Last year at this time, the 30-year FRM averaged 4.22 percent.
• 15-year fixed-rate averaged 2.89 percent, with an average 0.7 point, up from last week when it averaged 2.88 percent. A year ago at this time, the 15-year FRM averaged 3.44 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent, with an average 0.6 point, up from last week when it averaged 2.76 percent. A year ago, the 5-year ARM averaged 3.07 percent.
• 1-year Treasury-indexed ARM averaged 2.66 percent, with an average 0.4 point, down from last week when it averaged 2.69 percent. At this time last year, the 1-year ARM averaged 2.93 percent.

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