As Bond Yields Rise, Mortgage Rates Follow

The mortgage rates for the 30-year fixed rate rose from last week, with an average of 5.25 percent and 0.7 points for the week ending July 30th. Last week the same mortgage was at 5.20 percent with the same number of points. Last year at this time, the 30-year fixed rate mortgage averaged 6.52 percent, with the same number of points.

The 15-year fixed mortgage rates averaged 4.69 percent with an average 0.7 point. This is up very slightly from last week when the same mortgage rate averaged 4.68 percent with 0.7 points. A year ago at this time, the 15-year fixed rate mortgage averaged 6.07 percent, but with 0.6 points.

Five-year adjustable-rate mortgages (ARMs) averaged 4.80 percent and 0.6 points. Last week the same mortgage rates were at 4.74 percent and 0.6 points. A year ago, the 5-year ARM averaged 6.07 percent, but with 0.6 points.

One-year Treasury-indexed ARMs averaged 4.80 percent this week with 0.5 points. This is up from last week when it averaged 4.77 percent and 0.6 points. At this time last year, the 1-year ARM averaged 5.27 percent, but with 0.6 points.

For those not aware, points are pre-paid interest which is paid at the time the mortgage is taken out.