Mortgage Rates Begin to Rise

By Stevie Duffin Updated on 12/14/2012

By Daniel Duffield

Mortgage rates began to rise this week, possibly indicating a bottoming out of rates. For 1-year Treasury-indexed ARM, rates this week averaged 2.70 percent with an average 0.4 point, lower than last week’s 2.71 percent average. This time last year, the 1-year ARM averaged 3.18 percent.

5-year Treasury indexed hybrid adjustable rate mortgages saw an average of 2.75 percent this week at 0.6 point average, up from 2.74 percent last week. A year ago at this time, the 5-year ARM averaged 3.18 percent.

For 15-year FRM, rates averaged 2.83 percent with an average 0.6 point, increasing from last week’s 2.80 percent average. Last year at this time, the 15-year FRM average was 3.54 percent.

Rates for 30-year fixed mortgages averaged 3.55 percent, coming in at an average 0.7 point for the week and up from last week’s 3.49 percent. This time last year, the 30-year fixed-rate mortgage averaged 4.39 percent.