The average rate for a 30-year fixed-rate mortgage climbed another 22 basis points in Freddie Mac’s survey for the week ending July 11, bringing it to 4.51%—up by almost a full percentage point from 3.56% a year ago.
"June's strong employment led to more market speculation that the Federal Reserve will reduce future bond purchases causing bond yields to rise and [most] mortgage rates followed,” said Freddie Mac vice president and chief economist Frank Nothaft in his weekly rate report.
The average 15-year FRM also rose during the latest week but by 14 basis points, bringing it to 3.53%. A year ago, this rate was 2.86%. The average rate for a five-year Treasury-indexed hybrid rose by 16 basis points compared to
In contrast, the average rate for a one-year Treasury-indexed adjustable-rate mortgage remained stable in the past week at 2.66%. It was three basis points higher than a year ago when it was 2.69%.
