Fixed Mortgage Rates Move Up

Freddie Mac’s weekly survey of the mortgage market showed fixed rates increasing after stronger-than-expected employment reports.

“The economy added 163,000 jobs in July, well above the market consensus forecast of 100,000, and the largest increase since February,” Freddie Mac Chief Economist Frank Nothaft says. “In addition, the number of announced corporate layoffs fell 45 percent in July compared to last July and was the third time this year that announced layoffs were less than the same month in 2011 according to The Challenger Report. This suggests further net gains in employment are likely in the near future.”

Here’s a roundup of rates this week:

· 30-year fixed rates: averaged 3.59 percent with an average 0.6 point for the week ending August 9, 2012, up from last week when it averaged 3.55 percent. Last year at this time, the 30-year FRM averaged 4.32 percent.

· 15-year fixed rates: averaged 2.84 percent with an average 0.6 point, up from last week when it averaged 2.83 percent.A year ago at this time, the 15-year FRM averaged 3.50 percent.

· 5-year ARMs: averaged 2.77 percent this week with an average 0.6 point, up from last week when it averaged 2.75 percent. A year ago, the 5-year ARM averaged 3.13 percent.

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