Mortgage interest rates increased this week, with the average rate for a 30-year, fixed-rate mortgage (FRM) hitting 3.57%, up from 3.54%, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 3.98%.
During the week ending Nov. 10, the average rate for a 15-year FRM was 2.88%, up from 2.84% the previous week. A year ago at this time, the 15-year FRM averaged 3.20%.
The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.88%, up from 2.87%. A year ago, the five-year ARM averaged 3.03%.
“This week’s survey reflects pre-election market conditions. As a result, the 30-year mortgage rate increased to 3.57 percent, only three basis points higher than last week’s level,” says Sean Becketti, chief economist for Freddie Mac.
“On Wednesday, the 10-year Treasury yield closed above two percent, about 25 basis points higher than its pre-election value and its highest yield since January,” he continues. “At this point, it is too soon to tell whether Treasuries will hold this new level or if the mortgage rate will increase as much over the coming week.”