Mortgage Rates Set New High for the Year
Freddie Mac | July 17, 2015
Fixed-rate mortgages reversed course this week and rose toward the highest level this year, amid ongoing volatility in the bond markets, Freddie Mac reports in its weekly mortgage market survey. “The crisis in Greece continues to generate volatility in U.S. Treasury yields,” says Sean Becketti, Freddie Mac’s chief economist. The average rate on the 30-year fixed-rate mortgage increased five basis points this week, averaging 4.09 percent, the highest level since October of last year. Freddie Mac reports the following national averages with mortgage rates for the week ending July 16: 30-year fixed-rate mortgages: averaged 4.09 percent, with an average 0.6 point, rising form last week’s 4.04 percent average. Last year at this time, 30-year rates averaged 4.13 percent. 15-year fixed-rate mortgages: averaged 3.25 percent, with an average 0.6 point, increasing from last week’s 3.20 percent average. A year ago, 15-year rates averaged 3.23 percent. 5-year hybrid adjustable-rate mortgages: averaged 2.96 percent, with an average 0.5 point, increasing from last week’s 2.93 percent average. Last year at this time, 5-year ARMs averaged 2.97 percent. 1-year ARMs: averaged 2.50 percent, with an average 0.3 point, holding the same from last week. A year ago, 1-year ARMs averaged 2.39 percent.
Source: Freddie Mac