According to Freddie Mac's latest Primary Mortgage Market Survey, the average U.S. fixed mortgage rate moved higher in early November.
Sean Becketti, chief economist of Freddie Mac, "This week's survey reflects pre-election market conditions. As a result, the 30-year mortgage rate increased to 3.57 percent, only 3 basis points higher than last week's level. On Wednesday, the 10-year Treasury yield closed above 2 percent, about 25 basis points higher than its pre-election value and its highest yield since January. At this point, it is too soon to tell whether Treasuries will hold this new level or if the mortgage rate will increase as much over the coming week."
Freddie Mac News Facts:
30-year fixed-rate mortgage (FRM) averaged 3.57 percent with an average 0.5 point for the week ending November 10, 2016, up from last week when it averaged 3.54 percent. A year ago at this time, the 30-year FRM averaged 3.98 percent.
15-year FRM this week averaged 2.88 percent with an average 0.5 point, up from last week when it averaged 2.84 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week with an average 0.4 point, up from last week when it averaged 2.87 percent. A year ago, the 5-year ARM averaged 3.03 percent.
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased 14 basis points to a seasonally adjusted rate of 4.52 percent of all loans outstanding at the end of the third quarter of 2016.