Consecutive weeks of mortgage interest rates falling to record lows has come to an end – for now.
The average interest rate on the 30-year fixed-rate mortgage (FRM) was 3.55 percent for the week ending Aug. 2, with an average 0.7 point, up from the all time low of 3.49 percent last week.
Last year at this time, the average 30-year FRM interest rate was 4.39 percent.
The average rate on the 15-year FRM averaged 2.83 percent, with an average 0.7 point, also up from last week’s record low, when it averaged 2.80 percent. A year ago at this time, the 15-year FRM was 3.54 percent.
The 5-year Treasury-indexed hybrid’s adjustable rate (ARM) was 2.75 percent this week, with an average 0.6 point. It too was up from last week’s all time low when it averaged 2.74 percent. The 5-year ARM averaged 3.18 percent a year ago.
Finally, for the week ending Aug. 2, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.70 percent, with an average 0.4 point, down from last week’s 2.71 percent, and down from 3.02 percent a year ago.