Mortgage Rates Inch Up

Mortgage rates were up, albeit by small percentages, according to new data from Freddie Mac.

 

The 30-year fixed-rate mortgage (FRM) averaged 3.75 percent for the week ending July 3, up from last week when it averaged 3.73 percent. The 15-year FRM averaged 3.18 percent, up from last week when it averaged 3.16 percent. And the five-year Treasury-indexed hybrid adjustable-rate (ARM) averaged 3.45 percent, up from last week when it averaged 3.39 percent.

 

“We’re seeing a tug of war happen as the fixed income market flashes warning signs while the equities market continues to march higher with optimism,” said Freddie Mac Chief Economist Sam Khater. “The data suggests the economy is weakening but is still on very solid ground with high consumer confidence and a strong labor market. Closer to home, the housing market continues to slowly improve and gain momentum as we head into the second half of the year, which is good news and should keep the economy growing.”

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