Mortgage Rates Climb For Third Week in a Row: Now At 3.62%


Posted on Aug 16, 2012

Is the the Refi Boom over? Freddie Mac reported that the 30-year fixed rate mortgage rate rose nationally by 3 basis points to 3.62%. The 15-year fixed rate mortgage is up, too, climbing one basis point to 2.88%, on average.

The benchmark mortgage rates are both at 7-week highs.

Freddie Mac's weekly Primary Mortgage Market Survey works by asking 125 banks nationwide their respective mortgage rates for the 30-year fixed rate mortgage, the 15-year fixed rate mortgage, and the 5-year adjustable rate mortgage, plus any discount points that may be required to get said rate.

Freddie Mac's mortgage rate survey is highly-cited. It's the one most often used by journalists, by Wall Street, and by economists. It's also an input for other housing metrics including the Home Affordability Index, among others.

When people talk in general terms about mortgage rates, they're citing Freddie Mac. To the average mortgage rate shopper, however, the Freddie Mac mortgage rate is a little less valuable. This is because it's rare for an actual home buyer, or an actual refinancing household to get access to the "Freddie Mac" rate.

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