McLEAN, Va. – Long-term mortgage rates rose this week, for the second week in a row, according to Freddie Mac.
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The average for the 30-year, fixed-rate loan rose to 5.25% this week, from 5.20% last week; while the average for the 15-year mortgage inched up to 4.69%, from 4.68%.
ARM rates were slightly higher too, with the average for the five-year ARM moving to 4.75%, from 4.74%; and the average for the one-year ARM going to 4.80%, from 4.77%.
"Bond yields rose slightly higher this week on market optimism that the economy may be stabilizing somewhat, and mortgage rates followed," said Frank Nothaft, chief economist for Freddie Mac.
