Mortgage Rates Tread above 3.5 Percent

Mortgage rates have reached a four-month high, with the average 30-year fixed-rate mortgage (FRM) treading above 3.5 percent for the first time since June to 3.52 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®).

“The 30-year fixed-rate mortgage moved a solid five basis points to 3.52 percent while the 10-year Treasury yield remained relatively flat,” says Sean Becketti, chief economist at Freddie Mac. “This is the first week in over four 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.”

According to the survey, the 30-year FRM Mortgage Rates averaged 3.52 percent with an average 0.5 point for the week ending Oct. 20, 2016—up from last week’s average of 3.47 percent. A year ago at this time, the 30-year FRM averaged 3.79 percent.

The 15-year FRM, meanwhile, averaged 2.79 percent  Mortgage Rates with an average 0.5 point, rising from last week it averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent.

The 5-year Treasury-index hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent with an average 0.4 point, an increase from last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 2.89 percent.

For more information, visit www.freddiemac.com.

Reprinted with permission from RISMedia. ©2016. All rights reserved.

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