Mortgage rates break 3-week downtrend

by Francis Monfort18 Sep 2017
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%.

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."


Related stories:
Mortgage rates fall for 3rd straight week
Mortgage rates continue lower
 

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