Mortgage rates this week began rising from six-month lows amid reports of economic gains, according to Freddie Mac’s weekly mortgage survey.
Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.7 percent for the week ended today, up from last week when it averaged 5.64 percent. The average for the 15-year fixed-rate mortgage this week is 5.08 percent, also up from last week when it averaged 5.01 percent. Points on both the 30- and 15-year averaged 0.6.
One-year Treasury-indexed adjustable-rate mortgages averaged 4 percent this week, with an average 0.6 point, up from last week when it averaged 3.96 percent.
“The slight increase in mortgage rates this week was due in large part to volatility in long-term bond yields,” said Frank Nothaft, Freddie Mac chief economist. “The uncertainty in bond yields reflected weakness in the manufacturing industry that was offset by economic reports of strength in the service sector.
“When taken as a whole, this week’s economic data point towards both low mortgage rates and a growing economy, both of which are good news for current homeowners looking to refinance and for families hoping to become homeowners.”
The following is a sampling of Bankrate’s average 30-year-mortgage interest rates this week in some U.S. metropolitan areas.
New York – 5.74 percent with 0.14 point
Los Angeles – 5.75 percent with 0.53 point
Chicago – 5.81 percent with 0.06 point
San Francisco – 5.77 percent with 0.3 point
Philadelphia – 5.67 percent with 0.31 point
Detroit – 5.69 percent with 0.25 point
Boston – 5.8 percent with no points
Houston – 5.66 percent with 0.73 point
Dallas – 5.73 percent with 0.46 point
Washington, D.C. – 5.63 percent with 0.56 point
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