The 30-year, fixed-rate mortgage (FRM) made its largest week-over-week leap since March, according to Freddie Mac’s Primary Mortgage Market Survey.
The 30-year FRM averaged 3.96%, with an average 0.6 point for the week ending July 6 – up from last week, when it averaged 3.88%. A year ago at this time, the 30-year FRM averaged 3.41%.
The 15-year FRM averaged 3.22%, with an average 0.5 point – up from last week, when it averaged 3.17%. A year ago at this time, the 15-year FRM averaged 2.74%.
The five-year, Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21% this week, with an average 0.5 point – up from last week, when it averaged 3.17%. A year ago at this time, the five-year ARM averaged 2.68%.
Sean Becketti, chief economist for Freddie Mac, says, “Global interest rates turned up sharply over the last week. 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.”