Mortgage Rates Move Higher

Mortgage Rates Move Higher

Applications for real estate mortgages increased 1.4% from the previous week, according to information supplied by the Mortgage Bankers Association. However, on an annual basis, application volume was 26%, lower than the same week one year ago, when rates were roughly half a percentage point lower.

Meanwhile, mortgage rates continued their upward move, according to the latest Freddie Mac Primary Mortgage Market Survey, which showed higher weekly and annual rates as of the week ending July 6, 2017:

  • 30-Year Fixed-Rate Mortgage (FRM): Averaged 3.96%, which is slightly higher than the previous week’s 3.88%. A year ago at this time, the 30-year FRM averaged 3.41%.
  • 15-Year Fixed: Averaged 3.22%, up from last week when it averaged 3.17%. A year ago at this time, the 15-year FRM averaged 2.74%.
  • 5-year Treasury-Indexed Hybrid Adjustable-Rate Mortgage (ARM): Averaged 3.21% this week, up from last week when it averaged 3.17%. A year ago at this time, the 5-year ARM averaged 2.68%.