Mortgage rates see weekly increase

by Francis Monfort10 Oct 2017
Mortgage rates increased during the week ending Oct. 5, with the average 30-year fixed mortgage rate jumping to its highest level in six weeks, according to the Primary Mortgage Market Survey released by Freddie Mac.

During the period, the 30-year fixed-rate mortgage averaged 3.85% with an average 0.5 point, an increase from the 3.83% average in the previous period. The average rate also increased on a year-over-year basis from 3.42%.

The average rate for the 15-year fixed-rate mortgage was 3.15% with an average 0.5 point, rising from the 3.13% average rate in the prior survey. On a year-over-year basis, the average rate increased from 2.72%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage saw its average rate decrease to 3.18% during the period with an average 0.4 point from the previous average rate of 3.20%. A year ago, the average rate for the 5-year ARM was 2.80%.

"After holding steady last week, rates ticked up this week,” Freddie Mac Chief Economist Sean Becketti said. “The 10-year Treasury yield rose eight basis points, while the 30-year mortgage rate increased two basis points to 3.85%."

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