Fixed mortgage rates continued to climb for the fifth consecutive week, hitting their highest levels in 16 months and driving refis down, according to the latest numbers from Freddie Mac.
"With mortgage rates at the highest we've seen this year, borrowers are now backpedaling on refinance opportunities,” said Sean Becketti, Freddie Mac chief economist. “The latest Weekly Applications Survey results from the Mortgage Bankers Association show refinance activity down 16 percent week over week.”
The average rate for the 30-year fixed-rate mortgage was 4.08% this week, up from 4.03% last week. A year ago at this time, the 30-year FRM averaged 3.93%.
The 15-year FRM rose to 3.34% from last week’s average of 3.25%. Last year, the 15-year FRM averaged 3.16%.
The 5-year Treasury-indexed adjustable-rate mortgage rose to 3.15% from last week’s 3.12%. Last year, the 5-year ARM averaged 2.99%.