U.S. mortgages are on the rise following hopeful trade talks with China. This is a continuation of the past month’s upward trend, but mortgage rates are still more than a full percentage point below last year’s rates at this time.
After a short-lived retreat, mortgage rates resumed their rise this week.
According to the latest data released on Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 3.75 percent with an average 0.6 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 3.69 percent a week ago and 4.94 percent a year ago. The 30-year fixed average has risen four of the past five weeks.
The 15-year fixed-rate average jumped to 3.2 percent with an average 0.5 point. It was 3.13 percent a week ago and 4.36 percent a year ago. The five-year adjustable rate average rose to 3.44 percent with an average 0.4 point. It was 3.39 percent a week ago and 4.14 percent a year ago.
Advertisement
Related Stories
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
Economics
NAHB CEO Tobin Says 'Housing Renaissance' on the Horizon
Responding to positive housing-related data such as falling mortgage rates and increased homebuyer activity, NAHB's CEO Jim Tobin is optimistic
