This week, the average US fixed interest rate for a 30-year mortgage loan rose to 3.73%. There are seventeen basis points over last week's 3.56%, but almost one percentage point lower than 4.65% from the previous year, according to Freddie Mac Primary Mortgage Market Survey.
According to GSE, this week's 30-year rise in real estate mortgages is the largest weekly upswing since October.
Despite the rise in mortgage rates, economic data improved this week – especially housing activity, which accelerated with a noticeable increase in demand for purchase and new construction, said chief economist Sam Khater, Freddie Mac.
"Home buyers flocked to lenders with purchasing applications, up 1
The 15-year FRM averaged 3.21% this week, a moderate increase from last week's 3.09%. This time last year, the 15-year FRM was at 4.11%.
The five-year government bond loan with adjustable interest rate averaged 3.49%, up from the previous week's interest rate of 3.36%. This percentage is still a large decline from the 2018 rate of 3.92%.
The image below highlights this week's changes: