McLEAN, Va. – Long-term rates moved higher this week along with a rise in consumer confidence, according to Freddie Mac.
The average for the benchmark 30-year loan climbed to 4.91% this week, from 4.82% last week; while the average for the 15-year, fixed-rate mortgage inched up to 4.53%, from 4.50%.
Short-term rates were mixed, with the average for the five-year ARM also rising to 4.82%, from 4.79%, and the average for the one-year ARM declining all the way to 4.69%, from 4.82% last week.
"Fixed-rate mortgage rates followed long-term bond yields higher this week as financial markets try to discern the state of the economy," said Frank Nothaft, chief economist for Freddie Mac. "Consumer confidence rose again in May and represented the largest two-month rally since records began in 1967."
