30-Year Mortgage Rate Lands Above 4 Percent

Mortgage rates are making upward moves again, with the average 30-year, fixed rate clearing 4 percent this week, landing at 4.03 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The average 15-year, fixed rate came in at 3.29 percent, while the average 5-year, Treasury-indexed hybrid adjustable rate came in at 3.28 percent—both leaps from last week.

“After fully absorbing the sharp increases in Treasury yields over the past couple of weeks, the 30-year mortgage rate has cleared the psychologically important 4 percent mark for the first time since May,” says Sean Becketti, chief economist at Freddie Mac. “[This week’s] survey rate stands at 4.03 percent, up seven basis points from last week.”

Source: Freddie Mac

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