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3.59: Rates Inch Back Up

  • August 9, 2012

by Shilpi Paul

3.59: Rates Inch Back Up: Figure 1

After many weeks of dropping, long-term mortgage rates rose for the second week in a row.

This morning, Freddie Mac reported 3.59 percent with an average 0.6 point as the average on a 30-year fixed mortgage. Last week, rates moved up to 3.55, reversing course after dropping for 13 out of 14 weeks.

From Freddie Mac vice president and chief economist Frank Nothaft:

Fixed mortgage rates inched up again this week following 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.

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

Here’s a look at the path of rates since January 2010:

3.59: Rates Inch Back Up: Figure 2

See other articles related to: mortgage rates

This article originally published at http://dc.urbanturf.com/articles/blog/3.59_rates_inch_back_up/5886

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