Weekly Mortgage Rates Rise for First Time Since May

Mortgage rates turned upward this week after falling the previous five weeks in a row

The 30-year fixed-rate mortgage averaged 6. 78% APR, up four basis points from the previous week's average, according to rates vided to NerdWallet by Zillow

A basis point is one one-hundredth of a percentage point

Rates turned around after the release of a stronger-than-expected June jobs report

Are adjustables the answer to rate troubles

Buying season is winding down, and now mortgage rates are rising

What's a determined buyer supposed to do

One answer might be: Get an adjustable-rate mortgage. "People should start looking at the ARMs," says Carolyn Morganbesser, assistant vice president of mortgage originations for Affinity Federal Credit Union in the New York area

The most ARMs have a fixed rate that lasts five or seven years

Then the rate adjusts every six months thereafter. "As long as you're a savvy owner and pay attention when fixed rates come down, you can refinance into a fixed rate," Morganbesser says

Borrowers aren't exactly clamoring for them, but ARMs usually get more when rates rise

An ARM is riskier than a fixed-rate loan because the interest rate can go up during the adjustment period

And there's no guarantee you'll be able to refinance at a lower fixed rate

But an ARM could be your best chance at a reasonable interest rate, says Morganbesser, adding that her staff has seen an uptick in ARM applications

Builders are bummed This week's disappointing rise in mortgage rates might make you grouchy

Their confidence in the housing market is near an all-time low, according to a monthly survey by the National Association of Builders (NAHB)

Builders' unhappiness comes from the fact that they borrow money, just most of their customers

Builders get loans to buy land and materials, and then pay interest on that money until they find a buyer

When interest rates go up, builders get squeezed on two sides: costs and income

Builders' monthly costs go up because of higher interest payments

Their income goes down as they often cut prices so buyers can afford s at higher mortgage rates

Foreigners frown on tariff flip-flopsMeanwhile, foreigners are grumpy U

That's bad for American mortgage borrowers

The Bank of England described the blem in its July Financial Stability Report

It noted that the United States flip-flopped on tariffs in April, with an announcement of a sharp increase on April 2, then a pause one week later

Since then, global investors are charging higher interest on the money that the American government borrows

That's the opposite of how it usually goes

Normally, yields on U

Government debt fall during times of stress, the U. 's central bank pointed out

Mortgage rates tend to move in the same direction as Treasury yields

So international investors are helping push mortgage rates higher as they digest erratic tariff policy

The authorHolden LewisHolden is NerdWallet's authority on mortgages and real estate

He has reported on mortgages since 2001, winning multiple awards