Freddie Mac: Mortgage Rates Edged Back Up

Posted by Patrick Barnard on September 16, 2016 No Comments
Categories : Residential Mortgage

Fixed mortgage rates edged upward during the week ended Sept. 15, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 3.50%, up from 3.44% the previous week. A year ago at this time, the 30-year FRM averaged 3.91%.

The average rate for a 15-year FRM was 2.77%, up from 2.76%. A year ago at this time, the 15-year FRM averaged 3.11%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.82%, up from 2.81%. A year ago, the five-year ARM averaged 2.92%.

“The 10-year Treasury yield rose 18 basis points to 1.73 percent, its highest level since Brexit,” said Sean Becketti, chief economist for Freddie Mac, in a statement. “The 30-year fixed-rate mortgage followed suit, rising six basis points to 3.50 percent this week. This is the first week since June that mortgage rates were above 3.48 percent, snapping an 11-week trend.”

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