According to Freddie Mac's latest Primary Mortgage Market Survey, the average U.S. mortgage rate rose across the board for the second consecutive week in Mid-July.
Sean Becketti, chief economist of Freddie Mac said, "After fully absorbing the sharp increases in Treasury yields over the past couple of weeks, the 30-year mortgage rate has cleared the psychologically important 4 percent mark for the first time since May. Today's survey rate stands at 4.03 percent, up 7 basis points from last week."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.03 percent with an average 0.5 point for the week ending July 13, 2017, up from last week when it averaged 3.96 percent. A year ago at this time, the 30-year FRM averaged 3.42 percent.
15-year FRM this week averaged 3.29 percent with an average 0.5 point, up from last week when it averaged 3.22 percent. A year ago at this time, the 15-year FRM averaged 2.72 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28 percent this week with an average 0.5 point, up from last week when it averaged 3.21 percent. A year ago at this time, the 5-year ARM averaged 2.76 percent.
According to Freddie Mac's latest Primary Mortgage Market Survey, showing the 30-year fixed-rate mortgage making its biggest jump since March 2017. Global interest rates turned up sharply over the last week. The 10-year Treasury yield was no exception.
Led by a decline in multifamily production, nationwide housing starts fell 5.5 percent in May to a seasonally adjusted annual rate of 1.09 million units. Multifamily starts fell 9.7 percent to a seasonally adjusted annual rate of 289,000 units.