Rates ticked up for the first time since early June
Mortgage rates rose slightly during the week ending July 12 from the previous period, according to results of the Primary Mortgage Market Survey released by Freddie Mac.
Rates for the 30-year fixed-rate mortgage averaged 4.53%, with an average 0.4 point, an increase from the previous average of 4.52%. The latest average marks an increase from the year-ago level of 4.03%.
The 15-year fixed-rate mortgage averaged 4.02%, with an average 0.4 point, up from the previous average of 3.99%. A year ago at this time, the mortgage averaged 3.29%.
Average rates for the 5-year Treasury-indexed hybrid adjustable-rate mortgage increased to 3.86%, with an average 0.3 point, from 3.74%. The average is also up from the same period in 2017, which posted a 3.28% average rate.
Freddie Mac Chief Economist Sam Khater noted that mortgage rates ticked up during the period for the first time since early June.
“The 10-year Treasury yield continues to hover along the same narrow range, as increased global trade tensions are causing investors to take a cautious approach,” he said. “This in turn has kept borrowing costs at bay, which is certainly welcoming news for those looking to buy a home before the summer ends.”
“A record number of people quit their job last month, most likely for a new opportunity with higher wages and better benefits. This positive trend, along with these lower mortgage rates, should increasingly give some previously priced-out prospective homebuyers the financial wherewithal to resume their home search,” Khater added.
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