Mortgage Rates Jump To Seven-Month Highs
WASHINGTON – Mortgage rates rose again this week for the fifth week in a row, reaching their highest level since May, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate loan rose to 4.83% this week, from 4.61% last week; while the average for the 15-year loan climbed to 4.17%, from 3.96%.
ARM rates also moved higher, with the average for the five-year ARM rising to 3.77%, from 3.60% last week; and the average for the one-year ARM climbing to 3.35%, from 3.27%.
"Market concerns over stronger economic growth that, in the near term, could lead to an increase in inflation have sparked a rise in bond yields and mortgage rates have followed," said Frank Nothaft, chief economist for Freddie Mac.