Fixed Mortgage Rates Up Slightly: 30-Year at 3.41%

Fixed mortgage rates moved slightly higher this week, with the 30-year loan rising four basis points to 3.41 percent, according to Freddie Mac.
Earlier this month, the long-term rate set a record low of 3.36 percent. One year ago, the 30-year fixed was at 4.1 percent.
Historically-low mortgage rates and stronger demand in the housing market has pushed the Federal Housing Finance Administration’s purchase-only home price index in August to its highest level since June 2010.
Moreover, the Federal Reserve in its October 24th monetary policy announcement that there are further signs of improvement in the housing sector, although from a depressed level.
Here is Freddie Mac’s overview of mortgage rates:
30-year fixed-rate mortgage averaged 3.41 percent, with an average 0.7 point, for the week ending October 25, 2012, up from last week when it averaged 3.37 percent. Last year at this time, the 30-year FRM averaged 4.10 percent.
15-year fixed rate this week averaged 2.72 percent with an average 0.6 point, up from last week when it averaged 2.66 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.75 percent this week, with an average 0.6 point, the same as last week. A year ago, the 5-year ARM averaged 3.08 percent.
1-year Treasury-indexed ARM averaged 2.59 percent this week, with an average 0.4 point, down from last week when it averaged 2.60 percent last week. At this time last year, the 1-year ARM averaged 2.90 percent.

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