Mortgage Rates Take Biggest Weekly Leap in 26 Years

The 30-year fixed-rate mortgage took a large jump this week, rising from 3.93 percent last week to 4.46 percent this week — its largest weekly rise since 1987, Freddie Mac reports in its weekly mortgage market survey.

Freddie Mac reports the following national averages with mortgage rates for the week ending June 27:

  • 30-year fixed-rate mortgages: averaged 4.46 percent, with an average 0.8 point, rising from last week’s 3.93 percent average. It was the highest the 30-year fixed-rate mortgage has averaged since July 28, 2011. A year ago at this time, 30-year rates averaged 3.66 percent.
  • 15-year fixed-rate mortgages: averaged 3.50 percent, with an average 0.8 point, rising from last week’s 3.04 percent average. Last year at this time, 15-year rates averaged 2.94 percent.
  • 5-year adjustable-rate mortgages: averaged 3.08 percent, with an average 0.7 point, rising from last week’s 2.79 percent average. Last year at this time, 5-year ARMs averaged 2.79 percent.

Source: Freddie Mac