Mortgage Rates Continue to Climb

This week’s Freddie Mac Mortgage Report shows that “Mortgage Rates have risen to the highest level since August 22, 2013. Higher Treasury Yields, driven by rising commodity prices, more Treasury issuances and the steady stream of solid economic news, are behind the uptick in rates over the past week, according to Sam Khater, Freddie Mac chief economist.

30-year fixed rate mortgage (FRM) averaged 4.58 percent, up from last week when it averaged 4.47 percent. Last year at this time, the 30-year FRM averaged 4.03 percent.

15-year FRM averaged 4.02 percent, up from last week’s average of 3.94 percent. A year ago, the 15-year FRM averaged 3.27 percent.

5-year Treasure-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.74 percent this week. That figure is up from last week’s average 3.67 percent rate. A year ago at this time, it averaged 3.12 percent.

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