Following several weeks of drops, the 30-year fixed-rate mortgage posted its first increase in several weeks.
“The 10-year Treasury yield continued its upward trend, rising 7 basis points this week,” says Freddie Mac chief economist Sean Becketti. “As we expected, the 30-year mortgage rate followed suit, increasing 5 basis points to 3.83 percent. This week’s uptick in the 30-year mortgage rate ends a nearly two-month streak of declines.”
Freddie Mac reported the following national averages with mortgage rates for the week ending Sept. 21:
- 30-year fixed-rate mortgages: averaged 3.83 percent, with an average 0.5 point, rising from last week’s 3.78 percent average. Last year at this time, 30-year rates averaged 3.48 percent.
- 15-year fixed-rate mortgages: averaged 3.13 percent, with an average 0.5 point, increasing from last week’s 3.08 percent average. A year ago, 15-year rates averaged 2.76 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.17 percent, with an average 0.4 point, increasing from last week’s 3.13 percent average. A year ago, 5-year ARMs averaged 2.80 percent.
Source: Freddie Mac