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Mortgage Rates in U.S. Uptick Again, Highest in Four Months

Mortgage Rates in U.S. Uptick Again, Highest in Four Months

Residential News » Washington D.C. Edition | By WPJ Staff | October 21, 2016 11:23 AM ET



According to Freddie Mac's latest Primary Mortgage Market Survey, the average U.S. fixed mortgage rates moved higher for the second week in a row in mid-October 2016 and marking the first time the 30-year fixed-rate mortgage has risen above 3.5 percent since June 2016.
 
Sean Becketti, chief economist of Freddie Mac said, "The 30-year fixed-rate mortgage moved a solid 5 basis points to 3.52 percent while the 10-year Treasury yield remained relatively flat. This is the first week in over 4 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."
 
Freddie Mac News Facts:

  • 30-year fixed-rate mortgage (FRM) averaged 3.52 percent with an average 0.5 point for the week ending October 20, 2016, up from last week when they averaged 3.47 percent. A year ago at this time, the 30-year FRM averaged 3.79 percent.
  • 15-year FRM this week averaged 2.79 percent with an average 0.5 point, up from last week when they averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week with an average 0.4 point, up from last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 2.89 percent.





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