The increase represents a slight rebound following three weeks of consecutive declines. The average 30-year fixed mortgage posted an average of 0.29 discount and origination points.
The 15-year fixed mortgage had an average rate of 3.22%, an increase from the previous 3.17% average. Average discount and origination points were 0.22. Over the same period, the larger jumbo 30-year fixed average rate rose to 4.01%.
The five-year adjustable-rate mortgage (ARM) saw an average rate of 3.46%, a slight increase from 3.45% a week ago. The mortgage type had 0.35 average discount and origination points. The average rate for the seven-year ARM held at 3.63%.
Bankrate.com said the period saw an easing in the heavy demand for bonds that previously drove mortgage rates lower. Bond prices slipped and yields rose as investors breathed a sigh of relief after fears of missile tests over North Korea dissipated, coupled with the less-than-expected damage that followed Hurricane Irma. In spite of the rebound, however, the week’s mortgage rates are still at the third-lowest level of the year.
Meanwhile, Freddie Mac’s Primary Mortgage Market Survey found average mortgage rates largely unchanged from the previous period. The 30-year fixed-rate mortgage had an average rate of 3.78%, remaining at the year-to-date low. It had an average 0.5 point.
Rates averaged 3.08% for the 15-year fixed-rate mortgage with an average 0.5 point, unchanged from last week. The 5-year Treasury-indexed hybrid ARM averaged 3.13% with an average 0.4 point, a decrease from the previous average of 3.15%.
"Following a sharp decline last week, the 10-year Treasury yield rose 11 basis points this week,” said Sean Becketti, chief economist at Freddie Mac. “The 30-year mortgage rate, however, remained unchanged at 3.78 percent. If Treasury yields continue to rise, mortgage rates could see an increase in next week's survey."
Mortgage rates fall for 3rd straight week
Mortgage rates continue lower
Rates for the benchmark 30-year fixed mortgage averaged 3.99% in Bankrate.com’s weekly national survey, increasing from the prior average rate of 3.95%.