Mortgage rates ticked up this week but still remain “relatively low in helping to support the ongoing housing recovery, which is providing a positive contribution to the overall economy,” Freddie Mac says in its weekly mortgage market report.
Mortgage rates pushed up slightly this week before the Federal Reserve made its announcement that it does not plan to stop it’s bond-buying program yet. The Fed has been purchasing $85 billion in bonds each month, which has helped curb mortgage rates, but fears over an end to that program has made mortgage rates jump considerably from last year’s averages.
Freddie Mac reports the following national average rates for the week ending Aug. 1:
- 30-year fixed-rate mortgages: averaged 4.39 percent, with an average 0.7 point, rising from last week’s 4.31 percent average. A year ago at this time, 30-year rates averaged 3.55 percent.
- 15-year fixed-rate mortgages: averaged 3.43 percent, with an average 0.7 point, rising from a 3.39 average the previous week. Last year at this time, 15-year rates averaged 2.83 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.18 percent, with an average 0.6 point, up from last week’s 3.16 percent average. Last year at this time, 5-year ARMs averaged 2.75 percent.
Source: Freddie Mac