Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year fixed-rate mortgages climbed to 4.6 percent from 4.54 percent last week. The average rate has surged from 3.78 percent a year ago, posting the largest annual gain since May 2014.
The National Association of Realtors said last month that existing home sales have tumbled 1.5 percent over the past year.
Freddie Mac reports the following national averages in mortgage rates for the week ending September 13:
- 30-year fixed-rate mortgages: averaged 4.60 percent, higher than last week’s 4.54 percent average. Last year at this time, 30-year rates averaged 3.78 percent.
- 15-year fixed-rate mortgages: averaged 4.06 percent, up from last week’s 3.99 percent average. A year ago, 15-year rates averaged 3.08 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.93 percent, unchanged from last week’s percent average. A year ago, 5-year ARMs averaged 3.13 percent.