Home loan Rates Set New High for the Year
Fixed-rate mortgages reversed course this week and rose toward the highest level this year, amid ongoing volatility in the bond markets, Freddie Mac reports in its weekly mortgage business overview.
"The emergency in Greece keeps on producing unpredictability in U.S. Treasury yields," says Sean Becketti, Freddie Mac's chief economist.
The average rate on the 30-year fixed rate home loan expanded five basis points this week, averaging 4.09 percent, the highest amount since October of a year ago.
Freddie Mac reports the following national averages with mortgage rates for the week ending July 16:
30-year fixed-rate mortgages: averaged 4.09 percent, with a normal 0.6 point, up from a week ago's 4.04 percent average.. A year ago, 30-year rates averaged 4.13 percent.
15-year fixed-rate mortgages:: averaged 3.25 percent, with a normal 0.6 point, up from a week ago's 3.20 percent average. Lasy year, 15-year rates averaged 3.23 percent.
5-year hybrid adjustable-rate mortgages: average 2.96 percent, with a normal 0.5 point, up from a week ago's 2.93 percent average. A year ago a, 5-year ARMs average was 2.97 percent.
1-year ARMs: average 2.50 percent, with a normal 0.3 point, holding the same from a week ago. A year ago, 1-year ARMs average 2.39