Average fixed mortgage rates increased to their highest level since late June, according to Freddie Mac’s Primary Mortgage Market Survey®.
The 30-year fixed-rate mortgage (FRM) averaged 3.54 percent with an average 0.5 point for the week ending November 3, 2016, up from last week when it averaged 3.47 percent. A year ago at this time, the 30-year FRM averaged 3.87 percent.
The 15-year FRM this week averaged 2.84 percent with an average 0.5 point, up from last week when it averaged 2.78 percent. A year ago at this time, the 15-year FRM averaged 3.09 percent.
Results show that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.87 percent with an average 0.4 point, up from last week when it averaged 2.84 percent. A year ago, the 5-year ARM averaged 2.96 percent.
“A jump last week in the PCE—the price index tracked most closely by the Fed—raised the prospect that inflation might not be completely dead after all. Investors reacted by driving the yield on the 10-year Treasury to its highest point since June,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year mortgage rate jumped seven basis points to 3.54 percent, the largest one-week increase in over six months.”
For more information, visit www.FreddieMac.com.