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Current Mortgage Rates Rise in Freddie Mac’s PMMS

Current mortgage rates are higher in Freddie Mac's Primary Mortgage Market Survey released this morning. Treasury yields moved higher on news that the Federal Open Market Committee wasn't planning on immediately starting another round of quantitative easing.

Mixed economic data released this past week and news that additional debt relief for the European Union also contributed to higher bond yields and mortgage rates.

In Freddie Mac's survey conforming 30 year mortgage rates averaged 3.55 percent with 0.7 points for the week ending August 7, 2012. Average 30 year mortgage rates increased from the previous week's average of 3.49 percent which was an all-time record low.

Current mortgage rates on 30 year conforming loans are averaging 3.58 percent in Bankrate's national average rate survey. You can find lenders offering 30 year refinance rates below the averages and as low as 3.13 percent in some states.

Average 15 year conventional mortgage rates are at 2.83 percent with 0.6 mortgage points, an increase from last week's average 15 year mortgage rate of 2.80 percent. Today's mortgage rates on 15 year conforming loans are averaging 2.98 percent.

Right now on our rate tables many lenders are offering 15 year refinance rates below the averages. Some lenders are even offering 15 year refi rates as low as 2.50 percent in some states.

Adjustable mortgage rates were mixed in Freddie Mac's survey. 5 year conforming mortgage rates increased to 2.75 percent with 0.6 mortgage points. Conforming 5 year rates are up from last week's average of 2.74 percent. Mortgage rates current on 5 year adjustable loans are at 3.08 percent.

1 year adjustable mortgage rates are averaging 2.70 percent with 0.4 mortgage points. Average 1 year adjustable mortgage interest rates are down from last week's average of 2.71 percent.
Author: Brian McKay
August 2nd, 2012