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Freddie Mac Survey Shows Fixed Mortgage Rates Edging Higher

Interest rates on fixed rate mortgage loans inched up this week amid mixed economic data, according to Freddie Mac.

The GSE's weekly survey puts the average 30-year fixed rate at 4.52 percent (0.7 point) for the week ending July 21. That's up slightly from 4.51 percent last week. Last year at this time, the 30-year rate averaged 4.56 percent.

The 15-year fixed-rate mortgage this week averaged 3.66 percent (0.7 point), up from last week when it averaged 3.65 percent. A year ago at this time, the 15-year rate came in at 4.03 percent.

Adjustable-rate mortgages (ARMs) were mixed in Freddie's latest survey. The 5-year ARM was reported to average 3.27 percent (0.5 point) this week, down from 3.29 percent last week. A year ago, the 5-year ARM was 3.79 percent.

The 1-year ARM average was 2.97 percent (0.5 point). It was 2.95 percent last week and 3.70 percent a year ago.

Freddie Mac calculates average interest rates based on data from about 125 lenders across the country.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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