Mortgage Rates Move Higher

Mortgage Rates Move Higher
 

Mortgage Rates Move Higher

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates rising amid market expectations of possible rate increase by the Federal Reserve.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.87 percent, up from last week when it averaged 3.76 percent. A year ago at this time, the 30-year FRM averaged 4.02 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 3.09 percent, up from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.96 percent, up from last week when it averaged 2.89 percent. A year ago, the 5-year ARM averaged 2.97 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.62 percent, up from last week when it averaged 2.54 percent. At this time last year, the 1-year ARM averaged 2.45 percent.

Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Sean Becketti, chief economist, Freddie Mac:

“Treasury yields climbed nearly 20 basis points over the past week, capturing the market movement following last week’s FOMC meeting. In response, the 30-year mortgage rate experienced its largest increase since June, up 11 basis points to 3.87 percent. Recent commentary suggests interest rates may rise in the near future. Janet Yellen referred to a December rate hike as a ‘live possibility’ if incoming information supports it. The October jobs report to be released this Friday will be one crucial factor influencing the FOMC’s decision.”

Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

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