In its weekly Primary Mortgage Market Survey, home lending giant Freddie Mac reported that mortgage rates for fixed-rate loans have continued a nearly two-month streak of increases.
The interest rate on a 30-year fixed-rate mortgage rose from a prior week average of 4.29% to 4.51%, well above the rate of 3.56% in the same week a year ago.
One year ago the 15-year fixed-rate mortgage rate stood at 2.74%. That rate also rose again this week, from 3.39% last week to 3.53%.
The interest rate on a five-year Treasury adjustable-rate mortgage loan rose from 3.10% a week ago to 3.26%, and is up from 2.74% in the same week a year ago. The one-year Treasury-indexed adjustable-rate mortgage loan interest rate remained unchanged week-over-week at 2.66%, and is slightly lower than last year’s rate of 2.69% in the same week.
According to yesterday’s data from the Mortgage Bankers Association, new loan applications slipped 4% last week, as refinancings remained below 70% of all applications. Rising mortgage loan rates are cooling enthusiasm for refinancing, but rates for buyers remain low.
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