According to a recent report released by Freddie Mac, the average U.S. long-term mortgage rates rose back over 4 percent. This is the second week of the rates increasing after it has dropped for five weeks even with the problems in the global economy.
Last Thursday, from 3.98 percent last week, the nationwide average of a 30-year-mortgage rose to 4.02 percent. But even with such increase, the mortgage rate remains to be at its lowest level since June 2013. The 30-year-mortgage rate reached 4.53 percent last January.
As for the 15-year mortgage, which has become a popular choice for refinancing individuals, it has risen from 3.13 percent to 3.21 percent. The one-year adjustable rate mortgage rose from 2.43 percent to 2.45 percent.
The drop in the rates during the five weeks has caused some homeowners to search for refinancing mortgages at a bargain rate.
Freddie Mac conducted a survey across the country from Monday and Wednesday weekly to calculate the average mortgage rates. Extra fees or points, which most borrowers need to pay to get the lowest rates isn’t included in this average.