Mortgage Rates Climb Above 7% After Fed Rate Increase
By CU Today Staff —
WASHINGTON--Mortgage rates moved mostly higher late last week following the Federal Reserve’s first rate increase in three years, with the average 30-year fixed mortgage climbing above 7%, according to Yahoo Finance, citing data from the Zillow lender marketplace.
The average 30-year fixed mortgage rate stood at 7.05% Friday, Sept. 18, up four basis points from the previous day. The 15-year fixed rate edged one basis point lower to 6.43%, while the 5/1 adjustable-rate mortgage increased six basis points to approximately 7.16%.
Refinancing rates were also above 7% for the most common loan, with the average 30-year fixed refinance rate at 7.07%, according to Zillow data cited by Yahoo Finance. The 15-year fixed refinance rate averaged 6.46%, while the 20-year fixed refinance rate was 6.96%. The figures are national averages and are rounded to the nearest hundredth.
Originally reported by CU Today.