By Tess Stynes
Average fixed mortgage rates in the U.S. rose in the latest
week, marking the largest one-week increase this year, according to
Freddie Mac (FMCC).
Fixed mortgage rates also reached the highest level since the
week ended May 1, the mortgage-finance company said.
Freddie Mac Chief Economist Frank Nothaft noted in a statement
Thursday that the jump in fixed mortgage rates followed an increase
in 10-year Treasury yields that was partly fueled by market
speculation that the Federal Reserve might change its guidance on
when it will raise interest rates.
For the week ended Thursday, the 30-year fixed-rate mortgage
averaged 4.23%, compared with 4.12% a week earlier and 4.5% a year
earlier. Rates on 15-year fixed-rate mortgages averaged 3.37%,
compared with 3.26% the previous week and 3.54% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages, or
ARMs, on average, were at 3.06%, compared with 2.99% the previous
week and 3.11% a year earlier. One-year Treasury-indexed ARM rates
on average were 2.43%, compared with 2.45% the previous week and
2.65% a year earlier.
Write to Tess Stynes at tess.stynes@wsj.com