Interest rates on fixed rate mortgage loans inched up this week amid mixed economic data, according to Freddie Mac [1].
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 [2] average interest rates based on data from about 125 lenders across the country.