Friday Rate Update

Freddie Mac: Mortgage Rates Continue Upward Trend

Freddie Mac reported on July 28 that the 30-year fixed-rate mortgage rose to 3.48 percent from 3.45 percent a week ago but fell from 3.98 percent a year ago. The 15-year fixed-rate mortgage climbed to 2.78 percent from 2.75 percent a week ago but was down from 3.17 percent a year ago. Meanwhile, the five-year hybrid adjustable-rate mortgage held steady at 2.78 percent for the week but was down from 2.95 percent a year ago. "Home sales continue to benefit from the persistently low mortgage rates with June's new home sales coming in at an annualized rate of 592,000 homes, its fastest pace since 2008," said Freddie Mac chief economist Sean Becketti. "The 10-year Treasury yield remained flat this week in anticipation of the [Federal Reserve's] July policy meeting. Mortgage rates, on the other hand, rose another three basis points to 3.48 percent."

From "Freddie Mac: Mortgage Rates Continue Upward Trend"
HousingWire (07/28/16) Ramírez, Kelsey