Average mortgage rates are moving up, posting increases for the second consecutive week.
“After fully absorbing the sharp increases in Treasury yields over the past couple of weeks, the 30-year mortgage rate has cleared the psychologically important 4 percent mark for the first time since May,” says Sean Becketti, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages with mortgage rates for the week ending July 13:
- 30-year fixed-rate mortgages averaged 4.03 percent, with an average 0.5 point, increasing from last week’s 3.96 percent average. Last year at this time, 30-year rates averaged 3.42 percent.
- 15-year fixed-rate mortgages averaged 3.29 percent, with an average 0.5 point, increasing from last week’s 3.22 percent average. A year ago, 15-year rates averaged 2.72 percent.
- 5-year hybrid adjustable-rate mortgages averaged 3.28 percent, with an average 0.5 point, rising from last week’s 3.21 percent average. Last year at this time, 5-year ARMs averaged 2.76 percent.
Source: Freddie Mac
