Mortgage Rates Rise For Fourth Week In A Row
WASHINGTON – Mortgage rates rose again this week, for the fourth straight week, but the benchmark rate for the 30-year loan remained below 5%, according to Freddie Mac.
The average for the 30-year mortgage increased to 4.91% this week, from 4.87% last week; while the average for the 15-year, fixed-rate loan inched up to 4.13%, from 4.10%.
ARM rates also moved higher, with the average for the five-year ARM rising to 3.78%, from 3.72%; and the average for the one-year ARM going to 3.25%, from 3.22% last week.
“Mortgage rates edged up following a light week of economic data releases,” said Frank Nothaft, chief economist for Freddie Mac. “Although rates on 30-year fixed mortgages have risen four weeks in a row, they have remained below 5% for eight straight weeks now, helping to maintain affordability in the housing market.”