The average 30-year fixed-rate mortgage continued its slow increase during the week ending Aug. 23, rising four basis points to 3.66%, according to Freddie Mac’s survey. But long-term rate-indicative bond yields were relatively lower Thursday.
The benchmark 10-year Treasury was at 1.67%, down from a recent peak above 1.8%, according to Yahoo Finance.
Jonathan Kunkle, president, document services, at industry vendor LenderLive Network Inc., said there had been a spike in rate locks and some reaction in terms of
The latest rate rise in Freddie’s survey was lower on average for 15-year fixed-rate mortgages than 30-year products. During the latest week, the average rate for a 15-year FRM inched up by just one basis point to 2.89%.
Rate direction for shorter-term loans in the survey was mixed. The average rate for a five-year Treasury indexed hybrid ARM rose four basis points to 2.8%, but the rate for a one-year ARM declined three basis points to 2.66%.
Average points were lowest for the one-year Treasury ARM during the most recent week at 0.4 of a point, followed by five-year Treasury hybrids at 0.6 of a point, and 15- and 30-year FRMs, which averaged 0.7 of a point.
A year ago, 30-year FRMs were being offered at 4.22%.
