WASHINGTON–Rates on fixed mortgages moved higher last week in a week of higher Treasury yields.
According to Freddie Mac:
- The 30-year fixed-rate mortgage (FRM) averaged 3.47% with an average 0.6 point for the week ending Oct. 13, 2016, up from one week earlier when they averaged 3.42%. A year ago at this time, the 30-year FRM averaged 3.82%.
- The 15-year FRM last week averaged 2.76% with an average 0.6 point, up from one week earlier when the product averaged 2.72%. One year earlier the 15-year FRM averaged 3.03%.
- The five-year Treasury-indexed hybrid ARM averaged 2.82% last week with an average 0.4 point, up from one week earlier when it averaged 2.80%. A year ago, the five-year ARM averaged 2.88%.
"This week the 10-year Treasury yield continued its climb as an increasing number of financial market participants foresee a December rate hike after a series of positive economic data releases,’ said Sean Becketti, chief economist with Freddie Mac, in a statement. “The 30-year fixed-rate mortgage moved up five basis points to 3.47% in last week's survey, the first increase in one month. Even though we've seen economic activity pick up, consumer price inflation and implied inflation expectations remain below the Federal Reserve's 2% target."