Mortgage Rates Jump

Mortgage Rates Jump Across the Board

MCLEAN, VA–(Marketwired – Oct 26, 2017) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates hitting their highest marks since July.

News Facts

30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.5 point for the week ending October 26, 2017, up from last week when it averaged 3.88 percent. A year ago at this time, the 30-year FRM averaged 3.47 percent.

15-year FRM this week averaged 3.25 percent with an average 0.5 point, up from last week when it averaged 3.19 percent. A year ago at this time, the 15-year FRM averaged 2.78 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.4 point, up from last week when it averaged 3.17 percent. A year ago at this time, the 5-year ARM averaged 2.84 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote

Attributed to Sean Becketti, chief economist, Freddie Mac.

“The 10-year Treasury yield surged this week, jumping 12 basis points. The 30-year mortgage rate followed suit, increasing 6 basis points to 3.94 percent. Today’s survey rate is the highest rate in three months.”

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Source: FreddieMac

As of 10/26/2017 30-Year Fixed Rate Mortgages 15-Year Fixed Rate Mortgages 5/1-Yr ARM
Average 3.94% 3.25% 3.21%
Fees & Points 0.5 0.5 0.4
Margin N/A N/A 2.74

 

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