Mortgage Rates Climb To 10-Month High
WASHINGTON – Mortgage rates, following long-term bond yields, rose in the latest week, with the average rate on 30-year fixed-rate mortgages climbing to the highest level since April of last year, according to Freddie Mac.
“Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week,” said Frank Nothaft, chief economist for Freddie Mac.
The average for the 30-year loan jumped to 5.05% this week, from 4.81% last week; while the average for the 15-year mortgage rose to 4.29%, from 4.08%.
ARM rates also moved higher, with the average for the five-year ARM climbing to 3.92%, from 3.69%; and the average for the one-year ARM moving to 3.35%, from 3.26% last week.