WASHINGTON (AP) — U.S. long-term mortgage rates rose this week after signs of a trade truce between the U.S. and China last week pushed up the interest rate on 10-year Treasurys.
Mortgage giant Freddie Mac said Thursday that the average rate for a 30-year fixed mortgage rose to 3.69% from 3.57% the previous week. That’s down from 3.9% at the same time last year and by historic standards is very low.
Lower rates have helped reinvigorate the housing market, which stumbled last year. Sales of existing homes reached a 17-month high in August, and new home sales jumped 7% that month. Single-family home construction has also ticked up.
The average rate on a 15-year mortgage moved up to 3.15% from 3.05% a week ago.