U.S. fixed mortgage rates continue to rise with stronger economic outlook

 WASHINGTON, Aug. 16 (Xinhua) -- U.S. fixed¹ mortgage rates this week edged up for the third straight week following recently released stronger economic data, according to the Primary Mortgage Market Survey released Thursday by Freddie Mac.

The mortgage giant said the 30-year fixed-rate mortgage (FRM) was 3.62 percent in the week ending August 16, up from last week's 3.59 percent. It has been below 4 percent all but one week in 2012.

The 15-year FRM, a popular choice for those looking to refinance, also increased to 2.88 percent from 2.84 percent a week earlier. It has been below 3 percent for 12 consecutive² weeks.

In addition, the 5-year Treasury³-indexed hybrid⁴ adjustable-rate mortgage (ARM) edged down to 2.76 percent, while the 1-year Treasury-indexed ARM was up to 2.69 percent.

Before locking in the low rates, borrowers have to pay banking⁵ service fees, also known as points, which are calculated as a percentage of the loan, typically between 0.4 to 0.6.

Low inflation and gradually stronger economic activity placed further upward pressure on long-term Treasury yields and in turn fixed mortgage rates, Freddie Mac said. Inflation remained in check, with 12-month growth in the core consumer price index falling for a second month to 2.1 percent in July. Meanwhile, industrial production rose 0.6 percent in July compared to a 0.1 percent increase in June and retail⁶ sales jumped 0.8 percent in July from a 0.7 percent decline in June.

Lower rates have played as an important incentive⁷ to house refinancing and buying since last fall. With constant modest improvement recently, the U.S. housing crash is said to have reached the bottom. However, many economists⁸ say the market still needs years to recover entirely⁹ as the bottom will be prolonged.

1 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

2 consecutive   

adj.连续的，联贯的，始终一贯的

参考例句：

• It has rained for four consecutive days.已连续下了四天雨。
• The policy of our Party is consecutive.我党的政策始终如一。

3 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

4 hybrid   

n.(动，植）杂种，混合物

参考例句：

• That is a hybrid perpetual rose.那是一株杂交的四季开花的蔷薇。
• The hybrid was tall,handsome,and intelligent.那混血儿高大、英俊、又聪明。

5 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

6 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

7 incentive   

n.刺激；动力；鼓励；诱因；动机

参考例句：

• Money is still a major incentive in most occupations.在许多职业中，钱仍是主要的鼓励因素。
• He hasn't much incentive to work hard.他没有努力工作的动机。

8 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

9 entirely   

ad.全部地，完整地；完全地，彻底地

参考例句：

• The fire was entirely caused by their neglect of duty. 那场火灾完全是由于他们失职而引起的。
• His life was entirely given up to the educational work. 他的一生统统献给了教育工作。