Mortgage Rates Tick Up, But Declines Could be Ahead

Freddie Mac: The average 30-year fixed-rate mortgage rose to 3.75% this week from 3.73% a week ago, down from 4.52% a year ago. The 15-year rate rose to 3.18%.

WASHINGTON – Freddie Mac reported mortgage rates on July 3 that the average 30-year fixed-rate mortgage rose to 3.75% this week from 3.73% a week ago, down from 4.52% a year ago.

The average 15-year fixed-rate mortgage edged up to 3.18% from 3.16% a week ago, down from 3.99% a year ago.

Meanwhile, the average five-year adjustable-rate mortgage climbed to 3.45% from 3.39% a week ago, down from 3.74% a year ago.

“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 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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