Fixed-Rate Mortgages Back Up This Week Just Under 4.40 Percent

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates increasing as the 30-year fixed-rate mortgage (FRM) averaged 4.39 percent with an average 0.7 point for the week ending Aug. 1, up from last week when it averaged 4.31 percent. Last year at this time, the 30-year FRM averaged 3.55 percent. Also this week, the 15-year FRM this week averaged 3.43 percent with an average 0.7 point, up from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.83 percent. "Mortgage rates rose slightly leading up to the Federal Reserve's monetary policy statement this week. The statement indicated no change in monetary policy," said Frank Nothaft, vice president and chief economist, Freddie Mac. "The Fed indicated that the economy expanded at a modest pace, but the unemployment rate remains elevated."  The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week with an average 0.6 point, up from last week when it averaged 3.16 percent. A year ago, the five-year ARM averaged 2.75 percent. The one-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.4 point, down from last week when it averaged 2.65 percent. At this time last year, the one-year ARM averaged 2.70 percent.