Mortgage rates hit 4-month high

by Francis Monfort20 Nov 2017
Mortgage rates increased to their highest level since July during the week ending Nov. 16 after declining slightly in the previous period, according to the Primary Mortgage Market Survey released by Freddie Mac.

Rates for the 30-year fixed-rate mortgage average 3.95% with an average 0.5 point. The average rate is up from the 3.9% average rate in the previous period and is a slight increase from the 3.94% average in the same week last year.

The 15-year fixed-rate mortgage average 3.31% with an average 0.5 point, an increase from 3.24% in the prior period. On a year-over-year basis, the average rate jumped from 3.14%.

The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.21%, with an average 0.4 point, a decline from the 3.22% average in the previous period. A year ago at this time, the 5-year ARM averaged 3.07%.

"Rates increased this week,” Freddie Mac Chief Economist Sean Becketti said. “The 10-year Treasury yield ticked up six basis points, while the 30-year mortgage rate jumped five basis points to 3.95%. Today's survey rate is the highest rate in nearly four months."

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