Mortgage rates surge again, jumping above 5%
Mortgage rates surge again, jumping above 5%
Abstract
The 30-year fixed-rate average surged to 5.22% for the seven-day period ending August 11, Freddie Mac says. The spike comes after the rate had dropped by over 50 basis points the prior two weeks. The 15-year average rose 23 basis points to 4.59% from 4.26% seven days earlier. The 5-year Treasury-indexed hybrid adjustable-rate mortgage also increased. One week ago, the 3-year ARM was 4.25% and 4.45% to 3.25%. The 5.5-year mortgage also came in at 4.35% in the last week.
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