Mortgage Rates Rise for Second Straight Week
Mortgage rates inched up this week, with the 30-year fixed-rate mortgage averaging 4.20 percent, Freddie Mac reports in its weekly mortgage market survey. It marked the second consecutive week that mortgage rates rose, after previously reaching yearly lows.
Freddie Mac reports the following national averages with mortgage rates for the week ending June 12:
- 30-year fixed-rate mortgages: averaged 4.20 percent, with an average 0.6 point, rising from last week’s 4.14 percent. Last year at this time, 30-year rates averaged 3.98 percent.
- 15-year fixed-rate mortgages: averaged 3.31 percent, with an average 0.5 point, rising from last week’s 3.23 percent average. A year ago, 15-year rates averaged 3.10 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.05 percent, with an average 0.4 point, rising from last week’s 2.93 percent average. Last year at this time, 5-year ARMs averaged 2.79 percent.
- 1-year ARMs: averaged 2.40 percent, with an average 0.4 point, holding the same as last week. A year ago, 1-year ARMs averaged 2.58 percent.
Source: Freddie Mac