US Mortgage Rates Approaching 2013 Highs

US Mortgage Rates Approaching 2013 Highs

Residential News » North America Residential News Edition | By WPJ Staff | September 5, 2013 11:33 AM ET

U.S. mortgage rates continued to rise this week, approaching the highs for the year, according to the latest data from Freddie Mac.

The 30-year fixed-rate mortgage averaged 4.57 percent for the week, compared to 4.51 percent from a week ago. A year ago the 30-year fixed-rate averaged 3.55 percent.

Rates are responding to positive economic news from the housing and manufacturing sectors, Freddie Mac said in a statement.


Frank Nothaft

"Mortgage rates edged up this week on signs of a stronger economic recovery," Frank Nothaft, vice president and chief economist for Freddie Mac said the statement. "Real GDP was revised upwards to 2.5 percent growth in the second quarter of this year. In addition, residential construction spending rose for a ninth consecutive month in July. Lastly, the manufacturing industry expanded by the fastest pace in August since June 2011."

The 15-year fixed-rate mortgage averaged 3.59 percent for the week, up from 3.54 percent from a week ago.

The one year Treasury-indexed ARRM averaged 2.71 percent for the week, up from 2.64 percent a week ago.

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