Rates rise back to pre-Brexit levels

by Ryan Smith21 Oct 2016
Mortgage rates have risen to levels unseen since before Brexit – but they’re still near historic lows, according to new data from Freddie Mac.

“The 30-year fixed-rate mortgage moved a solid five basis points to 3.52%, while the 10-year Treasury yield remained relatively flat,” said Sean Becketti, chief economist at Freddie Mac. “This is the first week in over four months that rates have risen above 3.50%. This month, mortgage rates seem to be catching up to Treasury yields and returning to pre-Brexit levels.”

The 30-year FRM, at an average of 3.52%, was up from last week but still considerably below the same time last year, when it averaged 3.79%.

The 15-year FRM averaged 2.79% this week, up from last week’s average of 2.76%. a year ago, it averaged 2.98%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.85% this week, up from last week’s average of 2.82%. Last year at this time, the 5-year ARM averaged 2.89%.

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