Mortgage rates jump to 3-month high

The average rate for the 30-year fixed-rate mortgage bounced back after declining in the prior period

Mortgage rates jump to 3-month high
Mortgage rates increased last week to reach their highest levels since July, according to the Primary Mortgage Market Survey released by Freddie Mac.

Rates for the 30-year fixed-rate mortgage average 3.94% with an average 0.5 point, an increase from the 3.88% average in the prior period. On a year-over-year basis, the average rate increased from the 3.47% average during the same period last year.

The 15-year fixed-rate mortgage had an average rate of 3.25%, with an average 0.5 point, up from the 3.19% average in the previous period. The average rate increased year over year from the 2.78% average rate in the year-ago week.

The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.21%, with an average 0.4 point, rising from the previous 3.17% average rate. A year ago at this time, the 5-year ARM averaged 2.84%.

"The 10-year Treasury yield surged this week, jumping 12 basis points,” Freddie Mac Chief Economist Sean Becketti said. “The 30-year mortgage rate followed suit, increasing six basis points to 3.94%. Today's survey rate is the highest rate in three months."


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