Mortgage rates jump to 3-month high

by Francis Monfort30 Oct 2017
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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