Mortgage Rates Rise From Historic Lows
WASHINGTON – Long-term mortgage rates rose slightly this week from last week’s record lows, but ARM rates remained in record territory, according to Freddie Mac.
The average rate for 30-year fixed home loans rose this week to 4.22%, from 4.15% last week; while the average for the 15-year, fixed-rate mortgage moved to 3.44%, from 3.36% last week.
Meantime, the average for a five-year ARM dipped slightly from last week’s record low of 3.08% to 3.07%. The average for a one-year ARM inched upwards to 2.93%, from 2.86% last week.
“Fixed mortgage rates followed Treasury bond yields higher this week while data reports suggest an improvement in the housing market,” said Freddie Mac chief economist Frank Nothaft.