Mortgage rates moved higher for the second week in a row, according to the latest data released Thursday by Freddie Mac.
The 30-year fixed-rate average climbed to 4.2 percent, with an average 0.6 point. It was 4.14 percent a week ago and 3.98 percent a year ago.
The 15-year fixed-rate average jumped to 3.31 percent, with an average 0.5 point. It was 3.23 percent a week ago and 3.1 percent a year ago.
Hybrid adjustable-rate mortgages were mixed. The five-year ARM average increased to 3.05 percent, with an average 0.4 point, rising above 3 percent for the first time in three weeks. It was 2.93 percent a week ago and 2.79 percent a year ago.
The one-year ARM average was unchanged at 2.4 percent with an average 0.4 point.
“Mortgage rates continued to climb for the second week in a row following the increase in 10-year Treasury yields,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement.
“Also, the economy added 217,000 jobs in May, following a 282,000 surge in April and a 203,000 increase in March. Meanwhile, the unemployment rate in May held steady at 6.3 percent.”
Despite two weeks of increases in mortgage rates, applications surged last week, according to the latest data from the Mortgage Bankers Association.
The market composite index, a measure of total loan application volume, rose 10.3 percent. The refinance index jumped 11 percent, while the purchase index increased 9 percent.
The refinance share of mortgage activity accounted for 54 percent of all applications.