Friday, August 3, 2012

30-year-mortgage rate increases to 3.55%

WASHINGTON (MarketWatch) -- The 30-year fixed-rate mortgage average rose to 3.55% in the week ending Aug. 2 from a record low of 3.49% in the prior week, Freddie Mac said 

Thursday in its weekly report. The rate was 4.39% a year earlier, according to Freddie, a buyer of residential mortgages.

"Recent announcements of additional debt relief for the euro zone and mixed domestic economic indicators added upward pressure on Treasury yields as well as mortgage rates this week," said Frank Nothaft, chief economist.

Meanwhile, the 15-year fixed-rate mortgage rose to 2.83% in the latest week from a record low of 2.80% in the prior week.

The average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage ticked higher to 2.75% from 2.74%. The 1-year Treasury-indexed ARM declined to 2.70% from 2.71%.

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