Mortgage rates posted mixed growth this week following last week’s Fed hike and announcement that economic growth is “moderating,” according to surveys conducted by Freddie Mac and

In Freddie Mac’s survey, the 30-year fixed-rate mortgage inched up to an average 6.79 percent for the week ended today, almost unchanged from last week’s average of 6.78 percent. The 30-year fixed has not been higher since May 24, 2002, when it averaged 6.81 percent.

The average for the 15-year fixed-rate mortgage nudged up to 6.44 percent, also nearly unchanged from last week’s average of 6.43 percent. The 15-year fixed has not been higher since April 12, 2002, when it averaged 6.49 percent.

Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.5 on the 30- and 15-year loans.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 6.39 percent this week, with an average 0.6 point, unchanged from last week. This is the highest the 5-year ARM has been since Freddie Mac started tracking it on Jan. 6, 2005.

The one-year Treasury-indexed ARM averaged 5.83 percent this week, with an average 0.8 point, nearly unchanged from last week when it averaged 5.82 percent. The 1-year ARM has not been higher since the week ending June 8, 2001, when it averaged 5.85 percent.

“Since last week’s rate increase by the Federal Reserve came as no great surprise, mortgage rates remained nearly unchanged from the previous week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “This is fairly consistent with our economic outlook, which continues to forecast that the interest rate for the 30-year fixed-rate mortgage will gradually drift upward, but should remain under 7 percent for the year.”

In’s survey, fixed mortgage rates took a breather in the immediate aftermath of the Federal Reserve’s June 29th interest-rate hike after rising for three consecutive weeks. The average 30-year fixed-rate mortgage slid to 6.91 percent from 6.93 percent the day before last week’s Fed announcement, according to’s weekly national survey of large lenders, and the 30-year fixed-rate mortgages had an average of 0.31 discount and origination points.

The average 15-year fixed rate mortgage popular for refinancing sank to 6.54 percent, reported. On larger loans, the average jumbo 30-year fixed rate remains above the 7 percent threshold, at 7.06 percent. Adjustable-rate mortgages were mixed, with the average 5/1 adjustable-rate mortgage falling to 6.55 percent, and the average one-year ARM increasing to 6.11 percent.

According to’s survey, mortgage rates backpedaled following the Fed’s June 29 statement, which was initially perceived as carrying a much softer tone than in previous months. As a result, yields on 10-year Treasury notes gave ground, with mortgage rates following suit, as they are closely related to yields on long-term government bonds. But following the July 4 holiday, rates perked up on a rosy prediction of June job growth, though not enough to erase the decline late last week. Over the next couple of weeks, any combination of strong job growth and continued inflation worries will prime the pump for an August Fed hike — and push mortgage rates higher.

Fixed mortgage rates moved up notably in the first half of the year, reported. As 2005 came to a close, the average 30-year fixed mortgage rate was 6.28 percent, meaning that the monthly payment on a loan of $165,000 was $1,019. With the average 30-year fixed rate now 6.91 percent, the same loan originated today would carry a payment of $1,088. Despite recent increases, fixed mortgage rates remain an attractive refinancing alternative for adjustable-rate borrowers facing sharp payment adjustments, said.

The following is a sampling of’s average 30-year-mortgage interest rates this week in some U.S. metropolitan areas:

New York – 6.87 percent with 0.23 point

Los Angeles – 6.95 percent with 0.48 point

Chicago – 7.04 percent with 0.03 point

San Francisco – 6.98 percent with 0.28 point

Philadelphia – 6.8 percent with 0.39 point

Detroit – 6.94 percent with 0.01 point

Boston – 6.89 percent with 0.16 point

Houston – 6.97 percent with 0.4 point

Dallas – 6.92 percent with 0.49 point

Washington, D.C. – 6.71 percent with 0.68 point

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription