WASHINGTON–Average rates on the 30-year fixed-rate mortgage have increased to their highest level since June, new Freddie Mac survey data shows.
According to Freddie Mac:
- The 30-year fixed-rate mortgage (FRM) averaged 3.50% with an average 0.5 point for the week ending Sept. 15, 2016, up from last week when it averaged 3.44%. A year ago at this time, the 30-year FRM averaged 3.91%.
- The 15-year FRM this week averaged 2.77% with an average 0.5 point, up from last week when it averaged 2.76%. A year ago at this time the 15-year FRM averaged 3.11%.
- The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.82% this week with an average 0.4 point, up from last week when it averaged 2.81%. A year ago, the give-year ARM averaged 2.92%.
"The 10-year Treasury yield rose 18 basis points to 1.73%, its highest level since Brexit,” said Sean Becketti, chief economist, Freddie Mac, in a statement. “The 30-year fixed-rate mortgage followed suit, rising six basis points to 3.50% this week. This is the first week since June that mortgage rates were above 3.48%, snapping an 11-week trend."