McLEAN, Va. – Home loan rates rose this week from record lows as the bond yields used to peg borrowing costs jumped to their highest levels in more than a month, according to Freddie Mac.
"Fixed-rate mortgages followed bond yields and edged up this holiday week," said Frank Nothaft, chief economist for Freddie Mac, referring to Monday’s Martin Luther King Jr., holiday.
The average for the benchmark 30-year, fixed-rate loan jumped all the way to 5.12% this week, from 4.96% last week; while the average for the 15-year, fixed-rate mortgage moved up to 4.80%, from 4.65%.
ARM rates were mixed, with the average for the one-year ARM rising, as well, to 4.92%, from 4.89%; while the average for the five-year ARM continued to decline, but only slightly, to 5.24%, from 5.25% the week before.
