The 30-year, fixed-rate mortgage loan has risen for four consecutive weeks after reaching its lowest level in two years about four weeks ago, according to Freddie Mac's Primary Mortgage Market Survey.
"The continued strength in the economy drove mortgage rates higher once again this week," Freddie Mac chief economist Sam Khater said. "Over the last few years, there has been a tension between a downbeat economic narrative and incoming economic data stronger than that narrative. [The tension] has led to higher-than-normal volatility in mortgage rates, despite a strengthening economy."
The 15-year, fixed-rate mortgage – a popular refinancing option – averaged 5.71 percent. The 15-year note averaged 5.63 the previous week and 7.03 percent last year.
Freddie Mac's weekly survey focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. A variety of factors determine the overall cost of borrowing.
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