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Thursday, July 23, 2009

July Mortgage Rates Climb to 5.2%, Freddie Mac Survey Finds

By Katie Culp

FOXBusiness

A rise in U.S. mortgage rates for the first time in four weeks was reported Thursday by Freddie Mac, the world’s second-largest mortgage buyer, building on hopes that the housing market is headed toward a recovery.

"Mortgage interest rates were mixed this past week with fixed-rate loans averaging somewhat higher while initial rates on ARMs were flat-to-down slightly," said Frank Nothaft, Freddie Mac vice president and chief economist, in a written report.

Freddie Mac’s weekly survey showed the average 30-year fixed-rates (FRE) jumped to 5.2%, a tick up from the prior week’s average of 5.14%.

This time last year, 30-year rates averaged 6.63%.

The 15-year fixed-rate mortgages saw rates rise this week as well , averaging 4.68%, slightly up from last week’s reported 4.63% average. Last year at this time 15-year FRM averaged 6.18%.

Both 30-year fixed-ratemortgages and 15-year fixed-rate mortgages reported an average 0.7 point nationwide fee.

Meanwhile. five-year Treasury-indexed adjustable-rate mortgages [ARMs] showed an averaged 4.74% with an average 0.7 point, down from the 4.83% average last week and the 5.49% average reported at the same time last year.

Increasing from last week’s 4.76% average, one-year Treasury-indexed ARMs averaged 4.77% with a 0.6 point average this week, down from last years average of 5.49%.

“Newly released housing indicators contain positive signs that the worst may be behind us” with regard to the housing crisis, Nothaft added in the report.

Freddie Mac’s weekly survey is based on mortgage-rate data gathered Monday through Wednesday of each week.

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