The WPJ
Residential Real Estate News
Mortgage Rates in U.S. Uptick Again, Highest in Four Months
According to Freddie Mac's latest Primary Mortgage Market Survey, the average U.S. fixed mortgage rates moved higher for the second week in a row in mid-October 2016 and marking the first time the 30-year fixed-rate mortgage has risen above 3.5 percent since June 2016.
Sean Becketti, chief economist of Freddie Mac said, "The 30-year fixed-rate mortgage moved a solid 5 basis points to 3.52 percent while the 10-year Treasury yield remained relatively flat. This is the first week in over 4 months that rates have risen above 3.50 percent. This month, mortgage rates seem to be catching up to Treasury yields and returning to pre-Brexit levels."
Freddie Mac News Facts:
- 30-year fixed-rate mortgage (FRM) averaged 3.52 percent with an average 0.5 point for the week ending October 20, 2016, up from last week when they averaged 3.47 percent. A year ago at this time, the 30-year FRM averaged 3.79 percent.
- 15-year FRM this week averaged 2.79 percent with an average 0.5 point, up from last week when they averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week with an average 0.4 point, up from last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 2.89 percent.
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