30-year Mortgage Rate Rises To 4.08%, Highest Since October

The average rate for a 30-year fixed-rate mortgage rose to 4.08% in the week that ended July 2, reaching the highest rate since October, from 4.02% 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 4.12%. 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 increased to 3.24% in the latest week from 3.21% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage inched up to 2.99% from 2.98%. The rate for a 1-year Treasury-indexed ARM rose to 2.52% from 2.50%.