Mortgage interest rates increased, breaking a weeks-long streak of record-breaking lows, Freddie Mac reported Wednesday.
The average rate for a 30-year fixed home loan was 3.55 percent with an average 0.7 point, up from 3.49 percent a week ago. The average was 4.39 percent last year at this time.
Before this week, the average rate on the 30-year fixed had fallen to or matched record-low levels in 13 of the past 14 weeks.
The 15-year fixed-rate mortgage averaged 2.83 percent with an average 0.6 point -- a slight increase from last week’s 2.80 percent. A year ago, the average was 3.54 percent.
Freddie Mac chief economist Frank Nothaft said that for the United States, “pending home sales fell 1.4 percent in June, below the market consensus forecast of a 0.3 percent increase, and May's figure had a downward revision." However, in Nassau pending home sales for June rose 2.7 percent compared to last June, and in Suffolk pending sales are up 6.9 percent for the same time period.
The interest rates rose this week after mixed euro zone and domestic economic data nudged Treasury yields upward, Nothaft said.