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Washington
Slight rise in average monthly mortgage rates
WASHINGTON (8/10/12)--The average 30-year fixed-rate mortgage was 3.59% for the week that ended yesterday, an increase from 3.55% the previous week, according to a survey released by Freddie Mac.

During the same week last year the average rate was 4.22%, according to the mortgage buyer.

The average 15-year fixed rate mortgage was 2.86%, up from 2.83% the previous week and a decline from an average rate of 3.50%.

"Fixed mortgage rates inched up again this week following stronger-than-expected employment reports. The economy added 163,000 jobs in July, well above the market consensus forecast of 100,000, and the largest increase since February,'' said Freddie Mac Vice President Chief Economist Frank Nothaft.

The average five-year adjustable rate mortgage averaged 2.77% this week, compared with 2.75% the previous week and 3.13% the same week last year.

The average one-year adjustable rate mortgage was 2.65%, compared with 2.70% the previous week and 2.89% the same week last year.


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