According to Freddie Mac's latest Primary Mortgage Market Survey, the average U.S. mortgage rate hit their highest marks since July 2017.
Sean Becketti, chief economist of Freddie Mac said, "The 10-year Treasury yield surged this week, jumping 12 basis points. The 30-year mortgage rate followed suit, increasing 6 basis points to 3.94 percent. Today's survey rate is the highest rate in three months."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.5 point for the week ending October 26, 2017, up from last week when it averaged 3.88 percent. A year ago at this time, the 30-year FRM averaged 3.47 percent.
15-year FRM this week averaged 3.25 percent with an average 0.5 point, up from last week when it averaged 3.19 percent. A year ago at this time, the 15-year FRM averaged 2.78 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.4 point, up from last week when it averaged 3.17 percent. A year ago at this time, the 5-year ARM averaged 2.84 percent.
According to data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, U.S. sales of newly built, single-family homes fell to a seasonally adjusted annual rate of 553,000 units after downwardly revised August, July and June reports.
According to Freddie Mac's July 2018 Housing Forecast, exceptionally low housing supply and weaker affordability slowed the housing market in the first half of 2018, but total sales activity should still slightly top year-ago levels.