McLEAN, Va. – Home loan rates continued their move upwards this week, to eleven-month highs, according to Freddie Mac.
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The average for the 30-year, fixed-rate loan inched up from 6.42% last week to 6.45% this week, its highest since last Aug. 23. The average for the 15-year, fixed-rate mortgage rose from 6.02% to 6.04%.
ARM rates also continued to move sharply higher, with the average for the five-year ARM rising to 5.99% this week from 5.89% last week; and the average for the one-year ARM going to 5.27% from 5.19%.
“ARM rates, which are typically tied to short-term instruments, rose slightly due to market uncertainty over how the Fed might respond," said Frank Nothaft, chief economist for Freddie Mac.
