Industries Banking/Finance

Mortgage rates rise from record lows

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Average mortgage rates rose 0.7 percentage point this week after hitting record lows last week, according to Freddie Mac.

The average 30-year, fixed-rate mortgage was 4.22 percent this week, up from the record low of 4.15 percent last week. A year ago at this time, the average 30-year rate was 4.36 percent.

The 15-year, fixed-rate mortgage was 3.44 percent, up from 3.36 percent last week. A year ago, the average 15-year rate was 3.86 percent.

“Fixed mortgage rates followed Treasury bond yields higher this week while data reports suggest an improvement in the housing market,” Frank Nothaft, chief economist at Freddie Mac, said in a statement.

The Federal Housing Finance Agency’s national house price index rose for the third straight month in June, and the Mortgage Bankers Association said that the serious delinquency rate for mortgages outstanding fell for the sixth consecutive quarter to 7.85 percent.

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