“Mortgage Rates Inch Higher” for Third Week

Are we beginning to see a new trend? Fixed-rate mortgages once again inched up this week, the third consecutive week of increases after reaching all-time lows, Freddie Mac reports in its weekly mortgage market survey.

“The latest economic indicators point toward low inflation but gradually stronger economic activity which placed further upward pressure on long-term Treasury yields and, in turn, fixed mortgage rates,” Frank Nothaft, Freddie Mac’s chief economist, said about why mortgage rates have been reversing course in recent weeks.

Here’s a closer look at mortgage rates for the week ending Aug. 16:

•30-year fixed-rate mortgages: averaged 3.62 percent, with an average 0.6 point, this week, increasing from last week’s 3.59 percent average. A year ago at this time, 30-year rates averaged 4.15 percent.

•15-year fixed-rate mortgages: averaged 2.88 percent, with an average 0.6 point, rising from last week’s 2.84 percent average. Last year at this time, 15-year rates averaged 3.36 percent.

•5-year adjustable-rate mortgages: averaged 2.76 percent, with an average 0.6 point, falling slightly from last week’s 2.77 percent average. Last year at this time, 5-year ARMs averaged 3.08 percent.

Source: Freddie Mac