Mortgage rates rise for first time in a over a month — as key economic reports shift the market’s outlook
Mortgage rates surged higher in the wake of July’s strong jobs report as the market begins to price in a change in stance at the Federal Reserve.
The 30-year fixed-rate mortgage averaged 2.87% for the week ending Aug. 11, up 10 basis points from the previous week, Freddie Mac FMCC, -0.48% reported Thursday. It’s the first time in six weeks that the 30-year loan rose on a weekly basis.
The 15-year fixed-rate mortgage increased five basis points to an average of 2.15%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage ticked up by four basis point to an average of 2.44%.