Mortgage rates were on the rise for the second straight week, according to the latest report from Freddie Mac for the week ending July 13 2017.
The 30-year mortgage rate was 4.03% with an average 0.5 point, an increase from the previous week’s average of 3.96%. For the same time period last year, the 30-year average was 3.42%.
Average rates for the 15-year mortgage averaged 3.29%, up from the week prior’s average of 3.22%. Last year at this time, it averaged 2.72%.
5-year adjustable-rate mortgage (ARM) average rates were at 3.28%, with an average 0.5 point, an increase from the previous week’s average of 3.21%. A year ago for the same week, the 5-year ARM averaged 2.76%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“The 10-year Treasury yield remained relatively flat this week, as did the 30-year mortgage rate which fell 1 basis point to 4.02 percent. Markets have been erring on the side of caution following a weak advance estimate for first-quarter GDP and the FOMC’s broadly expected decision to leave rates unchanged.”
Here are the rates reported today from some of the nation’s top lenders.
Bank of America is reporting the 30-year fixed mortgage is 4.00% and the 15-year mortgage is 3.125%. The 10/1 ARM is 3.50% and the 5/1 ARM is 3.125%.
Wells Fargo’s 30-year fixed is 4.125% and the 15-year fixed is 3.50%. The 30-year refinance rate is 4.25% and the 15-year mortgage is 3.50%.
Over at Chase mortgage, the 30-year fixed purchase mortgage rate is 3.875% and the 15 year is 3.125%. 30-year fixed mortgage refinance rates are at 3.875% and the 15-year fixed is at 3.125%.
The rates quoted above can change at any time and are not guaranteed. If you would like a live rate quote and/or if you have questions about what home loan is best for you, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at Erik.Sandstrom@PrimeLending.com.
You can also search online for the latest rate quotes using the widget below.