Mortgage rates top 7% again after brief pause

After a brief pause last week, mortgage rates increased once again in line with the Federal Reserve’s recent rate hike.

Freddie Mac’s Primary Mortgage Market Survey showed that the 30-year fixed-rate mortgage returned to its record-high of 7.08% – up from 6.95% last week. Compared to a year ago, the average 30-year fixed mortgage rate was 2.98%.

The average 15-year fixed-rate mortgage jumped to 6.38%, up nine basis points from the previous week and a huge bump from last year’s 2.27%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 6.06%, up from 5.95% last week and from 2.53% this time a year ago.