Mortgage Rates Jump

MCLEAN, VA (Jul 6, 2017) - Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage making its biggest jump since March 2017.

• 30-year fixed-rate mortgage (FRM) averaged 3.96 percent with an average 0.6 point for the week ending July 6, 2017, up from last week when it averaged 3.88 percent. A year ago at this time, the 30-year FRM averaged 3.41 percent.
• 15-year FRM this week averaged 3.22 percent with an average 0.5 point, up from last week when it averaged 3.17 percent. A year ago at this time, the 15-year FRM averaged 2.74 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.5 point, up from last week when it averaged 3.17 percent. A year ago at this time, the 5-year ARM averaged 2.68 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

"Global interest rates turned up sharply over the last week," Sean Becketti, chief economist, Freddie Mac. "The 10-year Treasury yield was no exception, increasing 10 basis points in a holiday-shortened week. The 30-year mortgage rate followed suit, rising 8 basis points to 3.96 percent."

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com.