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Average US 30-year mortgage rate edges up to 3.48 percent

Mortgage rates rose today.

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Interest rates on U.S. 30-year mortgages rose to their highest levels in almost a month even as U.S. Treasury bond yields have held in a tight trading range since last week, mortgage finance agency Freddie Mac FMCC.OB said on Thursday.

Rates on mortgages change daily, but overall, they are at near record lows.

Thirty-year and 15-year fixed mortgage rates held firm Thursday while 5/1 ARMs crept lower, according to a survey of national lenders by NerdWallet. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. The 15-year fixed rate also rose, while the average rate for five-year adjustable rate mortgages was unchanged, Freddie reported. A year ago at this time, the 15-year averaged 3.17%.

Over a 15-year term, the total interest payments would be around $21,639.

The lower rates came as the BOK lowered its benchmark interest rate by a quarter percentage point to a new record low of 1.25 percent last month.

These types of loans are best for those who expect to sell or refinance before the first or second adjustment. The June rate was the lowest in eight months.

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Even though mortgage rates have ticked up a bit, the refi window could still be open. This is residual demand from the Brexit-induced drop in interest rates last month. That triggered a 14.2% surge in mortgage loan applications at the end of June. The rates kept falling from 3.24 percent in March to 3.17 percent in April and 3.16 percent in May.

Freddie Mac reports on the week ™s average U.S. mortgage rates