30-Year Rates Edge Up After Long Decline

By:
Peter King | September 09, 2010

Interest rates rose on 30-year fixed-rate mortgages rose slightly this past week, ending nearly three months of consecutive declines, according to the weekly rate survey from Freddie Mac. 

The average rate on 30-year loans, the most widely issued mortgage type, rose to 4.35 percent this week, up from last week’s record low of 4.32 percent. It was the first time the average rate on the 30-year loan had risen since the week of June 17, ending a run of 11 weeks during which the rate fell 43 basis points, or nearly half a percent.
 
The rate remains nearly a full percentage point below where it stood only five months ago, when it briefly surged to 5.21 percent the week of April 8, in the immediate aftermath of the end of the Federal Reserve’s program of buying mortgage securities to support low rates. Since then, a combination of a weak economy, low inflationary expectations and spillover from the Greek debt crisis have combined to send rates steadily downward.
 
Meanwhile, average rates on the 15-year fixed-rate loan held steady, remaining at last week’s record low of 3.83 percent. Average initial rates on the 5-year Treasury indexed adjustable rate mortgage (ARM) rose slightly to 3.56 percent, up from last week’s record low of 3.54 percent.
 
Rates on the 30-year loan included an average of 0.7 points in origination fees and discounts, compared to 0.6 points on the 15-year loan and 5-year ARM.

More Mortgage Rates Articles

Call For Rates

800-419-1494

Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

National Rates

Loan Type Today +/-
30 yr fixed 3.78
15 yr fixed 3.06
5/1 ARM 2.69

Rates may contain points

Compare Rates »

Browse Mortgage Rates

Mortgage Rates Calculators