Mortgage rates climb for 2nd consecutive week

by Francis Monfort16 Oct 2017
Mortgage rates jumped for the second straight week, according to the Primary Mortgage Market Survey released by Freddie Mac for the week ending Oct. 12.

Rates for the 30-year fixed-rate mortgage averaged 3.91% with an average 0.5 point, an increase from the 3.85% average in the prior period. The week-over-week increase was the biggest for the mortgage type since July. The 30-year fixed-rate mortgage had an average rate of 3.47% in the same period last year.

The 15-year fixed-rate mortgage had an average rate of 3.21% with an average 0.5 point, rising from the 3.15% average in the prior week. The average rate for the mortgage was 2.76% in the same time a year ago. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.16% with an average 0.4 point, dipping from the previous 3.18% average. The mortgage averaged 2.82% in the same week a year ago.

"The 30-year mortgage rate increased for a second consecutive week, jumping six basis points to 3.91%. The 10-year Treasury yield also rose, climbing four basis points this week,” Freddie Mac Chief Economist Sean Becketti said.

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