Mortgage interest rates increased to their highest point in four months, and now hover just below the psychologically important 4% mark, according to Freddie Mac’s latest Primary Mortgage Market Survey.
“Rates increased this week,” Freddie Mac Chief Economist Sean Becketti said. “The 10-year Treasury yield ticked up six basis points, while the 30-year mortgage rate jumped five basis points to 3.95%.”
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(Source: Freddie Mac)
As Becketti said, the 30-year fixed-rate mortgage increased to 3.95% for the week ending Nov. 16, 2017. This is up from last week’s 3.9% and up slightly from last year’s 3.94%.
The 15-year FRM increased to 3.31%, up from 3.24% last week and up even more from last year’s 3.14%.
However, the five-year Treasury-indexed hybrid adjustable-rate mortgage decreased slightly to 3.21%. This is down from 3.22% last week, but up from 3.07% last year.
“Today’s survey rate is the highest rate in nearly four months,” Becketti pointed out.