Mortgage Rates Increase for Second Consecutive Week

Once again nearing 4% mark

Mortgage rates increased once again, edging closer to the psychologically important 4% mark, according to Freddie Mac’s latest Primary Mortgage Market Survey.

“The 30-year mortgage rate increased for a second consecutive week, jumping six basis points to 3.91%,” Freddie Mac Chief Economist Sean Becketti said.

Click to Enlarge

rates

(Source: Freddie Mac)

The 30-year fixed-rate mortgage increased to an average 3.91% for the week ending October 12, 2017. This is up from last week’s 3.85%. Last year at this time, the 30-year mortgage interest rate was 3.47%.

The 15-year FRM increased to 3.21% this week, up from 3.15% last week and from 2.76% last year.

The five-year Treasury-indexed hybrid adjustable-rate mortgage, however, decreased to 3.16%. This is down from 3.18% last week but up from 2.82% last year.

“The 10-year Treasury yield also rose, climbing four basis points this week,” Becketti said.

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