WASHINGTON (8/24/12)--Average fixed mortgage rates have increased for the fourth consecutive week, with thirty-year fixed rate mortgages averaging 3.66% and fifteen-year fixed rate mortgages averaging 2.89% for the week ended Aug. 23, Freddie Mac reported Thursday.
Thirty-year fixed rate mortgages averaged 3.62% last week and 4.22% this time last year. Fifteen-year fixed rate mortgages averaged 2.88% last week and 3.44% this time last year.
Freddie Mac Vice President and Chief Economist Frank Nothaft said the fixed rate increases mirrored increases seen in other long-term yields.
Five-year adjustable rate mortgages averaged 2.80% this week, compared with 2.76% the previous week and 3.07% the same week last year.
The average one-year adjustable rate mortgage was 2.66%, down slightly from the 2.69% average reported last week. One-year adjustable rate mortgages averaged 2.93% this week last year.