Mortgage rates surpassed the psychological 4% mark for the first time since May as it increased seven basis points.

“After fully absorbing the sharp increases in Treasury yields over the past couple of weeks, the 30-year mortgage rate has cleared the psychologically important 4% mark for the first time since May,” Freddie Mac Chief Economist Sean Becketti said.

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(Source: Freddie Mac)

The 30-year fixed-rate mortgage increased to 4.03% for the week ending July 13, 2017. This is an increase from last week’s 3.96% and last year’s 3.42%.

The 15-year FRM also increased, hitting 3.29% this week. That’s up from 3.22% last week and 2.72% last year.

The five-year Treasury-indexed hybrid adjustable-rate mortgage increased to 3.28%, up from 3.21% last week and 2.76% last year.

“Today’s survey rate stands at 4.03%, up seven basis points from last week,” Becketti said.