According to Freddie Mac’s latest Primary Mortgage Market Survey, the average U.S. fixed mortgage rates increasing to their highest level since late June 2016.
Sean Becketti, chief economist of Freddie Mac says, “A jump last week in the PCE — the price index tracked most closely by the Fed — raised the prospect that inflation might not be completely dead after all. Investors reacted by driving the yield on the 10-year Treasury to its highest point since June. The 30-year mortgage rate jumped 7 basis points to 3.54 percent, the largest 1-week increase in over six months.”
Freddie Mac News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.54 percent with an average 0.5 point for the week ending November 3, 2016, up from last week when it averaged 3.47 percent. A year ago at this time, the 30-year FRM averaged 3.87 percent.
- 15-year FRM this week averaged 2.84 percent with an average 0.5 point, up from last week when they averaged 2.78 percent. A year ago at this time, the 15-year FRM averaged 3.09 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.87 with an average 0.4 point, up from last week when it averaged 2.84 percent. A year ago, the 5-year ARM averaged 2.96 percent.