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Mortgage Rates Bounce Up From Record Lows: Freddie Mac

Mortgage rates saw increases across the board after nearly two months in record-low territory, with ""Freddie Mac"":http://www.freddiemac.com/ revealing in a weekly survey Thursday that the 30-year fixed-rate mortgage ticked up to 3.71 percent.


The GSE found that the 30-year loan's increase ended a six-week streak of falling rates. At the same time last year, the fixed-rate mortgage averaged 4.50 percent.

The 15-year FRM also slid up, averaging 2.98 percent (0.7 point). The average was 2.94 percent the previous week. At the same time in 2011, the 15-year FRM averaged 3.67 percent.

""Fixed mortgage rates edged up slightly from record lows during a mild week of economic data releases. The Federal Reserve Board reported that household


net worth rose by $2 trillion to $62.9 trillion over the first three months of 2012, primarily due to increases in stock markets,"" ""Frank Nothaft"":http://www.freddiemac.com/bios/exec/nothaft.html, VP and chief economist with Freddie Mac, said in a statement.

""However, this is still well below the peak of $67.5 trillion set in the third quarter of 2007. Nonetheless, homeowners saw an aggregate $372 billion rise in property values over the first three months of this year,"" he added.

The 5-year ARM averaged 2.80 percent (0.6 point), down from 2.84 percent the previous week and 3.27 percent last year.

The 1-year ARM also fell, averaging 2.78 percent (0.5 point), a decrease from the previous week's 2.79 percent. At the same time in 2011, the 1-year ARM averaged 2.97 percent.

""Bankrate.com"":http://www.bankrate.com/ also released its weekly survey, which found that the 30-year FRM fell to its third consecutive record low of 3.91 percent, down from 3.92 percent the previous week. Meanwhile, the 15-year fixed continued to rise to 3.17 percent, up from 3.16 percent the week before.

The 5-year ARM also increased, up to 3.00 percent from 2.99 percent the week before.

""The uncertainty surrounding the European debt crisis will continue to keep a lid on mortgage rates and be a primary catalyst for further rate volatility in the weeks ahead,"" Bankrate.com said in its report.

Bankrate.com's survey uses data provided by the top 10 banks and thrifts in the nation's top 10 markets each week.


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