Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average mortgage rates rising across the board for the second consecutive week.
Highlights from the report include:
- The 30-year, fixed-rate mortgage (FRM) interest rate averaged 4.03 percent with an average 0.5 point for the week ending July 13, 2017, up from last week when it averaged 3.96 percent. A year ago at this time, the 30-year FRM averaged 3.42 percent.
- The 15-year FRM this week averaged 3.29 percent with an average 0.5 point, up from last week when it averaged 3.22 percent. A year ago at this time, the 15-year FRM averaged 2.72 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28 percent this week with an average 0.5 point, up from last week when it averaged 3.21 percent. A year ago at this time, the 5-year ARM averaged 2.76 percent.
“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,” Freddie Mac’s chief economist Sean Becketti said in a statement. “Today’s survey rate stands at 4.03 percent, up 7 basis points from last week.”