Mortgage Rates Up Slightly from Record Lows

Average fixed mortgage rates edged higher this week, but stayed near their all-time lows set last week, Freddie Mac said.
The 30-year fixed-rate mortgage averaged 3.39 percent, up from 3.36 percent last week.
The mostly positive employment report for September, which showed a drop in the jobless rate from 8.1 to 7.8, kept interest rates from setting new all-time lows.
Payroll employment increased by 114,000 workers, although manufacturing jobs dipped for the second consecutive month. Employment in the prior two months was revised up by 86,000.
Here’s the full rundown from Freddie Mac:
» 30-year fixed-rate mortgage averaged 3.39 percent, with an average 0.7 point, for the week ending October 11, 2012, up from last week when it averaged 3.36 percent. Last year at this time, the 30-year FRM averaged 4.12 percent.
» 15-year fixed-rate this week averaged 2.70 percent, with an average 0.6 point, up from last week when it averaged 2.69 percent. A year ago at this time, the 15-year FRM averaged 3.37 percent.
» 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.73 percent this week, with an average 0.6 point, up from last week when it averaged 2.72 percent. A year ago, the 5-year ARM averaged 3.06 percent.
» 1-year Treasury-indexed ARM averaged 2.59 percent this week, with an average 0.4 point, up from last week when it averaged 2.57 percent. last week. At this time last year, the 1-year ARM averaged 2.90 percent.

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