Mortgage rates ticked up in the past week amid a modestly brighter economic outlook, the first time rates have increased in weeks even as signs of a housing cooldown have persisted elsewhere.
The 30-year fixed rate “increased by ten basis points week over week” after a six-week decline, Freddie Mac said in its weekly interest rate report.
Specifically, the 30-year rate jumped from 2.77 percent last week to 2.87 percent this week; the rate still remains lower than where it stood a year ago, at 2.96 percent.
The 15-year rate, meanwhile, rose five basis points to 2.15 percent, while the 5-year ARM rose from 2.40 percent to 2.44 percent.
Freddie Mac Chief Economist Sam Khater said the jumps follow “broad based gains in employment and wage growth,” though he noted that “rates remain very low, particularly given that economic growth is strong and will continue into next year.”
Signs of a housing market slowdown have arisen elsewhere in recent weeks, including dips in pending home sales and a decrease in credit availability.