WASHINGTON – Home loan rates climbed for a second consecutive week, after nearing 30-year lows, but remained below 5%, according to Freddie Mac.
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The average for the 30-year, fixed-rate mortgage rose to 4.94% this week, from a low of 4.81% last week; while the average for the 15-year loan inched up to 4.38% from 4.32%.
ARM rates also moved higher, with the average for the five-year ARM rising to 4.34%, from 4.24% last week; and the average for the one-year ARM hitting 4.37%, up from 4.26% last week.
"Mortgage rates followed bond yields higher once again this week amid signs of an improving economy," said Frank Nothaft, chief economist for Freddie Mac.
Mortgage rates are linked to yields on Treasuries and yields on mortgage-backed securities.
