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Fixed Mortgage Rates Ease Going into the Labor Day Weekend

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Freddie Mac recently released the results of its Primary Mortgage Market Survey®, showing fixed mortgage rates pulling back and following bond yields lower after gradually moving higher over the past month.

The 30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.6 point for the week ending August 30, 2012, down from last week when it averaged 3.66 percent. Last year at this time, the 30-year FRM averaged 4.22 percent.

Additionally, the 15-year FRM this week averaged 2.86 percent with an average 0.6 point, down from last week when it averaged 2.89 percent. A year ago at this time, the 15-year FRM averaged 3.39 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.78 percent this week with an average 0.6 point, down from last week when it averaged 2.80 percent. A year ago, the 5-year ARM averaged 2.96 percent.

The 1-year Treasury-indexed ARM averaged 2.63 percent this week with an average 0.4 point, down from last week when it averaged 2.66 percent. At this time last year, the 1-year ARM averaged 2.89 percent.

“The housing market continued to show improvement over the past few months. New home sales rose 3.6 percent in July matching May’s pace as the strongest month since April 2010,” notes Frank Nothaft, vice president and chief economist, Freddie Mac. “Similarly, pending existing home sales also rose in July to its highest rate since April 2010. And, the S&P/Case-Shiller® National Home Price Index rose 1.2 percent between the second quarter of 2011 and 2012, reflecting the first annual increase since the second quarter of 2010.”

For more information, visit www.FreddieMac.com.

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