Mortgage Rates Post Biggest Jump in Months

By Fox Fire Real Estate LLC | Jul 07, 2017
Photo by: Dale H. Martin
DAILY REAL ESTATE NEWS | FRIDAY, JULY 07, 2017

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.

Source: Freddie Mac

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