Industry News

Mortgage rates rise on economic optimism

30-year fixed rises to an average 5.82% in Freddie Mac survey

The ROI Producing Real Estate Event of the Summer
Reach top decision-makers at Inman Connect

Mortgage rates climbed for the second consecutive week on news that the economy may soon be improving, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.82 percent for the week ended today, up from last week when it averaged 5.72 percent. The average for the 15-year fixed-rate mortgage this week is 5.24 percent, also up from last week when it averaged 5.12 percent. Points on both the 30- and 15-year averaged 0.6. One-year Treasury-indexed adjustable-rate mortgages averaged 4.08 percent this week, with an average 0.6 point, up from last week when they averaged 3.97 percent. "The financial market thinks we've passed the 'soft patch' in the economy, which would translate into stronger growth in the coming months," said Amy Crews Cutts, Freddie Mac deputy chief economist. "Stronger growth means a greater threat of inflation, and that means interest rates will start to rise in response to t...