Mortgage Rates Seesaw Higher

Mortgage Rates Seesaw Higher

Mortgage Rates Seesaw Higher

The FINANCIAL -- Freddie Mac on July 16 released the results of its Primary Mortgage Market Survey (PMMS), showing fixed mortgage rates reversing course and moving to their highest level this year amid ongoing volatility in bond markets.

News Facts

30-year fixed-rate mortgage (FRM) averaged 4.09 percent with an average 0.6 point for the week ending July 16, 2015, up from last week when it averaged 4.04 percent. A year ago at this time, the 30-year FRM averaged 4.13 percent.

15-year FRM this week averaged 3.25 percent with an average 0.6 point, up from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.5 point, up from last week when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 2.97 percent.

1-year Treasury-indexed ARM averaged 2.50 percent this week with an average 0.3 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.39 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote

Attributed to Sean Becketti, chief economist, Freddie Mac.

"The crisis in Greece continues to generate volatility in U.S. Treasury yields. The tentative agreement hammered out last weekend gave investors the confidence to pull back a bit from Treasuries. Rates rose about 16 basis points on the 10-year Treasury from last week. As a result, the average rate on a 30-year fixed-rate mortgage rose 5 basis points this week to 4.09 percent, the highest level since October of last year."