Borrowers saw financing costs for a mortgage move higher this week. The 30-year fixed-rate mortgage posted its largest week-over-week increase since July.
“The 30-year mortgage rate increased for a second consecutive week, jumping 6 basis points to 3.91 percent,” says Sean Becketti, Freddie Mac’s chief economist. “The 10-year Treasury yield also rose, climbing 4 basis points this week.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 12:
- 30-year fixed-rate mortgages: averaged 3.91 percent, with an average 0.5 point, rising from last week’s 3.85 percent average. Last year at this time, 30-year rates averaged 3.47 percent.
- 15-year fixed-rate mortgages: averaged 3.21 percent, with an average 0.5 point, rising from last week’s 3.15 percent average. A year ago, 15-year rates averaged 2.76 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.16 percent this week, with an average 0.4 point, dropping from last week’s 3.18 percent average. A year ago, 5-year ARMs averaged 2.82 percent.
Source: Freddie Mac
