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.
