Mortgage Rates Surge to 4-Month High

October 21, 2016

For the second week, mortgage rates moved higher. This time, the 30-year fixed-rate mortgage inched above 3.5 percent for the first time since June.

“This month, mortgage rates seem to be catching up to Treasury yields and returning to pre-Brexit levels,” says Sean Becketti, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 20:

  • 30-year fixed-rate mortgages: averaged 3.52 percent, with an average 0.5 point, rising from last week’s 3.47 percent average. Last year at this time, 30-year rates averaged 3.79 percent.
  • 15-year fixed-rate mortgages: averaged 2.79 percent, with an average 0.5 point, also rising from last week’s 2.76 percent average. A year ago, 15-year rates averaged 2.98 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.85 percent, with an average 0.4 point, increasing from last week’s 2.82 percent average. Last year at this time, 5-year ARMs averaged 2.89 percent.

Source: Freddie Mac