Mortgage rates surge to highest level in 3 months

The 30-year fixed-rate mortgage increased to its highest point in the past three months, nearly hitting the 4% mark, according to Freddie Mac’s latest Primary Mortgage Market Survey.

The 30-year fixed rate mortgage increased to 3.94% for the week ending October 26, 2017. This is up from 3.88% last week and 3.47% last year.

The 15-year FRM also increased, hitting 3.25%. This is up from 3.19% last week and 2.78% last year.

The five-year Treasury-indexed hybrid adjustable-rate mortgage came in at 3.21%, up from 3.17% last week and 2.84% last year.

Source: Housing Wire

Mortgage rates increase for the second week in a row

Mortgage rates increased once again, edging closer to the psychologically important 4% mark, according to Freddie Mac’s latest Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage increased to an average 3.91% for the week ending October 12, 2017. This is up from last week’s 3.85%. Last year at this time, the 30-year mortgage interest rate was 3.47%.

The 15-year FRM increased to 3.21% this week, up from 3.15% last week and from 2.76% last year.

The five-year Treasury-indexed hybrid adjustable-rate mortgage, however, decreased to 3.16%. This is down from 3.18% last week but up from 2.82% last year.

Source- Freddie Mac and Housingwire

Mortgage rates drop below 4%

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Mortgage rates dropped below the psychologically important 4% mark, hitting the lowest point since November of last year.

The 30-year fixed-rate mortgage dropped to 3.97% for the week ending April 20, 2017. This is down from last week’s 4.08% but still up from last year’s 3.59%.

The 15-year FRM dropped to 3.23%, down from last week’s 3.34% but up from last year when it averaged 2.85%.

Weak economic data and growing international tensions are driving investors out of riskier sectors and into Treasury securities thus causing a shift in investment sentiment which has propelled rates lower.

The drop in rates in an environment where rates are expected to rise has increased pressure on serious buyers to find a home which gives more leverage to sellers. 

Source- Housing Wire & Freddie Mac Chief Economist Sean Becketti