Mortgage rates increased for the first time after two months of straight declines, according to the latest Primary Mortgage Market Survey from Freddie Mac.
“This week’s uptick in the 30-year mortgage rate ends a nearly two-month streak of declines,” Freddie Mac Chief Economist Sean Becketti said.
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(Source: Freddie Mac)
The 30-year fixed-rate mortgage increased to an average 3.83% for the week ending September 21, 2017. This is up from last week’s 3.78% and from 3.48% last year.
The 15-year FRM also increased, rising from 3.08% last week and 2.76% last year to hit 3.13% this week.
The five-year Treasury-indexed hybrid adjustable-rate mortgage increased to 3.17%, up from 3.13% last week and 2.8% last year.
“The 10-year Treasury yield continued its upward trend, rising seven basis points this week,” Becketti said. “As we expected, the 30-year mortgage rate followed suit, increasing five basis points to 3.83%.”