30-year Mortgage Rate Rises To 4.02%

The average rate for a 30-year fixed-rate mortgage inched up to 4.02% in the week that ended June 25 from 4.00% in the prior week, according to a Thursday report from federally controlled mortgage buyer Freddie Mac. A year ago, the 30-year rate was at 4.14%. A record low of 3.31% for the 30-year mortgage was reached in November 2012. The average rate for the 15-year fixed-rate mortgage decreased to 3.21% in the latest week from 3.23% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage decreased to 2.98% from 3.00%. The rate for a 1-year Treasury-indexed ARM fell to 2.50% from 2.53%.