Rates on the most popular types of mortgages moved upward, according to HSH.com’s Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by seven basis points (0.07 percent) to 3.68 percent. Conforming 5/1 Hybrid ARM rates increased by three basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.62 percent.
“After reaching lows for the year just four weeks ago, and despite plenty of mixed economic signals, 30-year fixed mortgage rates have quickly moved back to near this year’s highs,” said Keith Gumbinger, vice president of HSH.com. “Rising stock markets, with their promise of better returns, continue to draw investor money out of safe-haven investments such as bonds. Yields are increasing as a result, pulling mortgage rates along with them.”