Rates Jump Higher
Rates Jump Higher
Freddie Mac reports a jump in the 30-year fixed mortgage rate to a 25-week high of 5.29 percent during the week ended June 4, up from 4.91 percent the prior week. The 15-year fixed rate also increased, rising to 4.79 percent from 4.53 percent, with Freddie Mac chief economist Frank Nothaft indicating that the gains follow a surge in long-term bond yields. Meanwhile, the five-year adjustable mortgage rate climbed to 4.85 percent from 4.82 percent; and the one-year ARM surged to 4.81 percent from 4.69 percent.
[SOURCES: Freddie Mac; Information, Inc.]
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