Mortgage Rate Continues Rise, Hits Seven Month High

The average weekly Freddie Mac rate for a 30-year fixed rate mortgage has risen to a seven-month high of 5.59%, up from 5.29% the previous week but down from 6.32% a year ago. Last time the 30-year rate was that high was the week of Nov. 26, 2008, when it was 5.97%. The 15-year FRM rate was 5.06%, the highest it has been since the week of Dec. 11, 2008 when it averaged 5.20% and up from 4.79% the previous week. But the 15-year rate still remained lower than it was a year ago, when it was 5.93%. The average rate for five-year hybrid Treasury-indexed adjustable-rate mortgages was even higher than the rate for 15-year product at 5.17%, up from the previous week's 4.85% but down from 5.51% a year ago. The average rate for one-year Treasury ARMs was 5.04%, up from the previous week's 4.81% and down just slightly from 5.09% a year ago. Points for 30- and 15-year FRMs, as well as for one-year Treasury ARMs, averaged 0.7. Points for five-year hybrid Treasury ARMs were 0.6.