WASHINGTON – Average rates on 30- and 15-year fixed mortgages climbed slightly higher this week, breaking a run that saw rates match or set new record lows for 13 out of the past 14 weeks, according to Freddie Mac.
The average rate on 30-year fixed mortgages rose to 3.55% from 3.49% last week; while the average for the 15-year rate inched up to 2.83% from 2.80%.
ARM rates were mixed, with the average for the five-year ARM also rising slightly to 2.75%, from 2.74% last week; and the average for the one-year ARM dipping to 2.70%, from 2.71% last week.
Frank Nothaft, chief economist for Freddie Mac, attributed the rise in long-term rates to the ongoing economic turmoil in Europe. “Recent announcements of additional debt relief for the Euro zone and mixed domestic economic indicators added upward pressure on Treasury yields as well as mortgage rates this week,” said Nothaft.