Mortgage rates rose for fixed loans the past week, with the average rate on 30-year fixed-rate mortgages increasing to 5.08%, though adjustable-rate loans saw lower rates, according to Freddie Mac's weekly survey of mortgage rates.
Treasury yields have jumped of late amid a flood of supply issued by the federal government to finance its rising debt. The 30-year fixed-rate mortgage averaged 5.08% for the week ended Thursday, the survey found, up from last week's 4.99% average and 4.78% a year earlier. Rates on 15-year fixed-rate mortgages were 4.39%, up from 4.34% last week but down from 4.52% a year earlier. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.1%, down from last week's 4.14% and 4.92% a year earlier. One-year Treasury-indexed ARMs were 4.05%, down from 4.2% and 4.75%, respectively. To obtain the rates, the mortgages required payment of an average 0.6 point, with the exception of the 30-year fixed, which carried an average 0.7 point. A point is 1% of the mortgage amount, charged as prepaid interest.
