The 30-year fixed-rate mortgage this week made its biggest increase since March, moving closer to a 4 percent average, Freddie Mac reports.
“Global interest rates turned up sharply over the last week,” says Freddie Mac chief economist Sean Becketti. “The 10-year Treasury yield was no exception, increasing 10 basis points in a holiday-shortened week. The 30-year mortgage rate followed suit, rising 8 basis points to 3.96 percent.”
Freddie Mac reports the following national averages with mortgage rates for the week ending July 6:
- 30-year fixed-rate mortgages: averaged 3.96 percent, with an average 0.6 point, increasing from last week’s 3.88 percent average. Last year at this time, 30-year rates averaged 3.41 percent.
- 15-year fixed-rate mortgages: averaged 3.22 percent, with an average 0.5 point, rising from last week’s 3.17 percent average. A year ago, 15-year rates averaged 2.74 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.21 percent, with an average 0.5 point, increasing from last week’s 3.17 percent average. A year ago, 5-year ARMs averaged 2.68 percent.