U.S. mortgage rates rose this week after dropping in most of the recent weeks, according to Freddie Mac.
The 30-year fixed mortgage averaged 4.53 percent for the week ending July 12, up from 4.52 percent the previous week. A year ago, mortgage rates stood at 4.03 percent.
Favorable mortgage rates have helped drive U.S. home sales and the refinance market.
Sam Khater, Freddie Mac’s chief economist, said mortgage rates were mostly unchanged, but did tick up for the first time since early June.
“The 10-year Treasury yield continues to hover along the same narrow range, as increased global trade tensions are causing investors to take a cautious approach,” Khater said. “This in turn has kept borrowing costs at bay, which is certainly welcoming news for those looking to buy a home before the summer ends.”
He added a record number of people quit their job last month, most likely for a new opportunity with higher wages and better benefits.
“This positive trend, along with these lower mortgage rates, should increasingly give some previously priced-out prospective homebuyers the financial wherewithal to resume their home search,” Khater said.
The historic low for 30-year rates was 3.31 percent in November 2012.