U.S. Mortgage Rates Move Higher
Average long-term U.S. mortgage rates topped 4 percent for the first time in months in the week ending Thursday, the Federal Home Loan Mortgage Corp. said.
Rates for 30-year contracts rose from 3.92 percent to 4.08 percent with 0.8 point for the week. A year earlier, 30-year mortgage rates averaged 3.92 percent.
Interest rates for 30-year contracts have hit historic lows in recent months. Rates have not risen above 4 percent since the week ending Oct. 27, Freddie Mac said.
Average rates for 15-year fixed-rate contracts rose from 3.16 percent to 3.3 percent with 0.8 point, Freddie Mac said.
In the same week of 2011, the average rate for 15-year loans stood at 4.04 percent.
Five-year adjustable rate mortgages averaged 2.96 percent for the week with an average 0.7 point, up from last week's rate of 2.83 percent. A year earlier, five-year adjustable rate contracts averaged 3.62 percent.
One year Treasury-indexed adjustable mortgage rates rose in the week from 2.79 percent to 2.84 percent with 0.6 point. A year ago, rates for these loans averaged 3.17 percent.