U.S. fixed mortgage rates edge up

BY    2013-05-12 11:02:09

  WASHINGTON, May 9 (Xinhua) -- U.S. fixed mortgage rates edged up this week for the first time in six weeks, according to the Primary Mortgage Market Survey, released by Freddie Mac on Thursday.

  The mortgage giant said the 30-year fixed-rate mortgage (FRM) rose to 3.42 percent in the week ending May 9, up from 3.35 percent the previous week.

  The 15-year FRM, a popular choice for those looking to refinance, rose to 2.61 percent this week, from a record low of 2.56 percent the prior week.

  "Fixed mortgage rates edged up following a solid employment report for April. The economy gained 165,000 new jobs on net last month, more than the market consensus forecast and the largest monthly increase this year," Freddie Mac Vice President and Chief Economist Frank Nothaft said.

  In addition, the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) went up to 2.58 percent, and the one-year Treasury-indexed ARM fell to 2.53 percent.

  Mortgage rates remain at an affordable level for house buying and refinancing, and continue to support the ongoing housing recovery that began last year.

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