Average mortgage rates increased for the week, according to Freddie Mac’s Weekly Primary Mortgage Market Survey. Thirty-year fixed-rate mortgages averaged 3.55 percent, up 6 basis points from the previous week. The weekly average for the 15-year fixed-rate mortgage gained as well, increasing to 2.83 percent from 2.80 percent.
Both mortgage rates still remain far below their averages from one-year ago. In the same period last year, the 30-year average fixed-rate mortgage was 4.39 percent, and the 15-year average fixed-rate mortgage was 3.54 percent.
The Mortgage Bankers Association’s Weekly Application Survey, which lags the PMMS by one week, reported an increase of 0.2 percent for the July 27, 2012 week. Refinancing accounted for the greatest share of the weekly volume, at 81 percent.
For more: http://seekingalpha.com/article/782301-mortgage-market-weekly-update-july-30-august-3-2012