The interest rate on a 30-year fixed-rate mortgage reached 4.23% with an average 0.8 point for the week ending Oct. 28, an increase of two basis points from last week, according to the Freddie Mac weekly survey.
It’s the second week in a row of increases. Last year at this time, the 30-year FRM was at 5.03%.
The 15-year fixed-rate mortgage reached 3.66% with an average 0.7 point, up 2 bps from last week, too.
Shorter-term mortgage rates fell or tied record lows. The 5-year Treasury-indexed hybrid adjustable rate mortgage averaged 3.41% with a 0.6 point, down 4 bps from a week ago. It has never been lower since Freddie started tracking the product in 2005.
The 1-year Treasury-indexed ARM averaged 3.30% with 0.7 point, unchanged from the record low last week.
“Mixed economic data releases left mortgage rates little changed this week,” Freddie Mac Chief Economist Frank Nothaft said.
According to the Bankrate survey, the 30-year FRM climbed 9 bps to 4.51% this week, and the 15-year FRM grew 8 bps to 3.9%. The 5/1 ARM rose 7 bps to 3.67%, and the 30-year FRM jumbo rate increased 2 bps to 5.1%.
Holden Lewis at Bankrate said the hikes come as the Federal Reserve prepares “a little inflation.”
Write to Jon Prior.