The mortgage rates increased this week according to the results of Freddie Mac's Primary Mortgage Market Survey. Shorter term rates were all up slightly in that survey.

The Freddie Mac survey found that the 30-year fixed-rate mortgage (FRM) started to increase as it experienced a decline last week. It now averaged 6.62 percent with an average 0.4 point for the week ending August 16, 2007, up from last week when it averaged 6.59. Last year at this time, the 30-year FRM averaged 6.52 percent

The 15-year FRM this week averaged 6.30 percent with an average 0.5 point, up from last week when it averaged 6.25 percent. A year ago, the 15-year FRM averaged 6.20 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.35 percent this week, with an average 0.5 point, up from last week when it averaged 6.33 percent. A year ago, the 5-year ARM averaged 6.18 percent.
One-year Treasury-indexed ARMs averaged 5.67 percent this week with an average 0.6 point, up from last week when it averaged 5.65 percent. At this time last year, the 1-year ARM averaged 5.65 percent.

"Interest rates on prime conforming fixed-rate mortgages eased further in the past week, according to the Primary Mortgage Market Survey, even though other sources such as HSH Associates reported that jumbo fixed rates increased by a quarter percent or more last week," said Frank Nothaft, Freddie Mac vice president and chief economist. "Job creation fell short of market expectations, with 92,000 jobs added in July, the smallest gain since February, and June's number was revised down by 6,000. In addition, the unemployment rate ticked up for the first time in four months to 4.6 percent.

Source: Freddiemac, Primary Mortgage Market Survey® (PMMS®), www.freddiemac.com