The 30-year fixed-rate mortgage inched upwards this week, averaging 3.85 percent. It’s the highest average in six weeks, Freddie Mac reports.
“After holding steady last week, rates ticked up this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 10-year Treasury yield rose 8 basis points, while the 30-year mortgage rate increased 2 basis points to 3.85 percent.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 5:
- 30-year fixed-rate mortgages: averaged 3.85 percent, with an average 0.5 point, rising from last week’s 3.83 percent average. Last year at this time, 30-year rates averaged 3.42 percent.
- 15-year fixed-rate mortgages: averaged 3.15 percent, with an average 0.5 point, rising from last week’s 3.13 percent. A year ago, 15-year rates averaged 2.72 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.18 percent, with an average 0.4 point, falling from last week’s 3.20 percent average. A year ago, 5-year ARMs averaged 2.80 percent.
Source: Freddie Mac