Average 30-Year Mortgage Rate Rises

The average 30-year fixed mortgage rate rose to 5.62% during the week ended July 7 from 5.53% the previous week, according to Freddie Mac.Last year at this time, the 30-year fixed-rate mortgage averaged 6.01%. The average for the 15-year FRM during the week ended July 7 was 5.20%, up from last week when it averaged 5.12%. A year ago, the 15-year FRM averaged 5.42 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.19% during the week ended July 7, up from last week when it averaged 5.06%. There is no annual historical information for last year since Freddie Mac only began tracking this mortgage rate at the start of this year. One-year Treasury-indexed ARMs averaged 4.33% during the week ended July 7, up from last week when it averaged 4.24%. At this time last year, the one-year ARM averaged 4.05%. Points averaged 0.6% for 30-year FRMs, and 0.7% for 15-year FRMs, five-year hybrids and one-year ARMs. Freddie Mac can be found on the Web at http://www.freddiemac.com.