According to Freddie Mac's latest Primary Mortgage Market Survey, the average 30-year fixed mortgage rate in the U.S. ticked up to its highest mark in six weeks in early October 2017.
Sean Becketti, chief economist at Freddie Mac said, "After holding steady last week, rates ticked up this week. The 10-year Treasury yield rose 8 basis points, while the 30-year mortgage rate increased 2 basis points to 3.85 percent."
Freddie Mac News Facts:
30-year fixed-rate mortgage (FRM) averaged 3.85 percent with an average 0.5 point for the week ending October 5, 2017, up from last week when it averaged 3.83 percent. A year ago at this time, the 30-year FRM averaged 3.42 percent.
15-year FRM this week averaged 3.15 percent with an average 0.5 point, up from last week when it averaged 3.13 percent. A year ago at this time, the 15-year FRM averaged 2.72 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week with an average 0.4 point, down from last week when it averaged 3.20 percent. A year ago at this time, the 5-year ARM averaged 2.80 percent.
According to the National Association of Realtors, U.S. home sales stumbled in August 2017 for the fourth time in five months as strained supply levels continue to subdue overall activity. Sales gains in the Northeast and Midwest were outpaced by declines in the South and West.
According to Freddie Mac's latest Primary Mortgage Market Survey, the U.S. 30-year fixed mortgage rate dropped to a year-to-date low for the third consecutive week in 2017. The 10-year Treasury yield fell 9 basis points this week, reaching a new 2017-low for a second consecutive week.
According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed mortgage rate in the U.S. dropped to its lowest mark since November 10, 2016. The 10-year Treasury yield fell 6 basis points this week amid concerns over lagging inflation.
U.S. mortgage applications for new home purchases increased 5.1 percent compared to July 2016. Compared to June 2017, applications decreased by 12 percent. This change does not include any adjustment for typical seasonal patterns.