WASHINGTON – Long-term mortgage rates jumped higher this week from the record lows of the previous three weeks, according to Freddie Mac.
The average for the 30-year, fixed-rate loan rose to 3.95% this week, from 3.87% last week. The benchmark rate has been below 4% for 12 straight weeks.
The average for the 15-year, fixed-rate mortgage also rose to 3.19%, from 3.16% last week.
ARM rates continued to fall to new lows, with the average for the five-year ARM slipping to 2.80%, from 2.82; and the average for the one-year ARM dipping to 2.73%, from 2.84% last week.
Frank Nothaft, Freddie Mac's chief economist, said the housing market is gradually starting to improve. Still, he said, home sales remain weak and it could take years for the market to fully return to health.
