Mortgage rates increase after lengthy decline

WASHINGTON – Sept. 21, 2017 – Average long-term mortgage rates rose this week in Freddie Mac’s weekly Primary Mortgage Market Survey. It’s the first time the average 30-year fixed mortgage rate increased in seven weeks:

• The 30-year fixed-rate mortgage (FRM) averaged 3.83 percent with an average 0.5 point, up from last week when it averaged 3.78 percent. A year ago, the 30-year FRM averaged 3.48 percent.
• The 15-year FRM this week averaged 3.13 percent with an average 0.5 point, up from last week when it averaged 3.08 percent. A year ago, the 15-year FRM averaged 2.76 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.17 percent this week with an average 0.4 point, up from last week when it averaged 3.13 percent. A year ago, the 5-year ARM averaged 2.80 percent.

“The 10-year Treasury yield continued its upward trend, rising 7 basis points this week,” says Sean Becketti, chief economist, Freddie Mac. “As we expected, the 30-year mortgage rate followed suit, increasing 5 basis points to 3.83 percent. This week’s uptick in the 30-year mortgage rate ends a nearly two-month streak of declines.”

Source: Florida Realtors