Mortgage rates continued their slow, incremental move up the last few weeks with fears of Greek economic turmoil and a slowing Chinese economy. Also Janet Yellin suggested the Fed was ready to raise interest rates this fall.
From Realtor MAgazine and Freddie Mac;
The average rate on the 30-year fixed-rate mortgage increased five basis points this week, averaging 4.09 percent, the highest level since October of last year.
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 an average 0.6 point, rising form last week’s 4.04 percent average. Last year at this time, 30-year rates averaged 4.13 percent.
- 15-year fixed-rate mortgages: averaged 3.25 percent, with an average 0.6 point, increasing from last week’s 3.20 percent average. A year ago, 15-year rates averaged 3.23 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.96 percent, with an average 0.5 point, increasing from last week’s 2.93 percent average. Last year at this time, 5-year ARMs averaged 2.97 percent.
- 1-year ARMs: averaged 2.50 percent, with an average 0.3 point, holding the same from last week. A year ago, 1-year ARMs averaged 2.39 percent.