Mortgage Rates Reach New 2013 High
Fixed mortgage rates increased the past week, reaching new highs for the year, Freddie Mac reported Aug. 22 in its weekly Primary Mortgage Market Survey.
The 30-year fixed-rate climbed 0.18 percent to 4.58 percent (up from 3.66 percent a year ago). The 15-year fixed-rate rose 0.16 percent to 3.60 percent (up from 2.89 percent a year ago).
The one-year adjustable-rate mortgage held steady at 2.67 percent (up from 2.66 percent a year ago). The five-year Treasury-indexed decreased 0.02 percent to 3.21 percent (up from 2.80 percent a year ago).
“Fixed mortgage rates continued to follow bond yields higher leading up to the Aug. 21 release of the Federal Reserve monetary policy committee's minutes for July,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a news release. “In its July 30 and 31 meetings, the committee members were broadly comfortable with a plan to start reducing its bond purchases later this year, although a few emphasized the importance of being patient. Meeting participants acknowledged mortgage rate increases might restrain housing market activity, but several members expressed confidence the housing recovery would be resilient in the face of higher rates,” Nothaft said.
View Freddie Mac’s weekly Primary Mortgage Market Survey.