30-year Mortgage Rate Rises To 4.09%

The average rate for a 30-year fixed-rate mortgage climbed to 4.09% in the week that ended July 16, reaching the highest rate since October, from the prior week's reading of 4.04%, according to a Thursday report from federally controlled mortgage buyer Freddie Mac. "The crisis in Greece continues to generate volatility in U.S. Treasury yields," said Sean Becketti, Freddie's chief economist. A year ago, the 30-year rate was at 4.13%. 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 rose to 3.25% in the latest week from 3.20% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage increased to 2.96% from 2.93%. The rate for a 1-year Treasury-indexed ARM remained at 2.50%.