Mortgage Rates Rise for Second Week: 30-Year at 3.59%

Fixed mortgage rates moved higher for a second consecutive week in the wake of a stronger-than-expected jobs report, reported Freddie Mac.
The 30-year fixed averaged 3.59 percent, and the 15-year fixed averaged 2.84 percent.
That’s still near their historic lows set last month of 3.49 percent (30-year) and 2.80 percent (15-year).
The U.S. economy added 163,000 jobs in July, well above the market consensus forecast of 100,000, and the largest increase since February.
Moreover, the number of announced corporate layoffs fell 45 percent in July, compared to July of 2011. It was the third time this year that announced layoffs were less than the same month in 2011, according to The Challenger Report.
“This suggests further net gains in employment are likely in the near future,” said Frank Nothaft, vice president and chief economist, Freddie Mac.
Here’s Freddie Mac’s overview of mortgage rates for this week:
» 30-year fixed-rate mortgage averaged 3.59 percent, with an average 0.6 point for the week ending August 9, 2012, up from last week when it averaged 3.55 percent. Last year at this time, the 30-year FRM averaged 4.32 percent.
» 15-year fixed-rated this week averaged 2.84 percent, with an average 0.6 point, up from last week when it averaged 2.83 percent. A year ago at this time, the 15-year FRM averaged 3.50 percent.
» 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.77 percent this week, with an average 0.6 point, up from last week when it averaged 2.75 percent. A year ago, the 5-year ARM averaged 3.13 percent.
» 1-year Treasury-indexed ARM averaged 2.65 percent this week with an average 0.4 point, down from last week when it averaged 2.70 percent. At this time last year, the 1-year ARM averaged 2.89 percent.

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