Mortgage Orb - Patrick Barnard - October 20, 2016
Mortgage interest rates increased for a second consecutive week, with the average rate for a 30-year, fixed-rate mortgage (FRM) hitting 3.52%, up from 3.47%, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 3.79%.
During the week ended Oct. 20, the average rate for a 15-year FRM was 2.79%, up from 2.76% the previous week. A year ago at this time, the 15-year FRM averaged 2.98%.
The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.85%, up from 2.82%. A year ago, the five-year ARM averaged 2.89%.
“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 for Freddie Mac, in a release. “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.”