Mortgage Rates Are Moving on Up

DAILY REAL ESTATE NEWS | FRIDAY, SEPTEMBER 16, 2016

The 30-year fixed rate mortgage surged to its highest level since June.

“This is the first week since June that mortgage rates were above 3.48 percent, snapping an 11-week trend,” says Sean Becketti, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 15:

  • 30-year fixed-rate mortgages: averaged 3.50 percent, with an average 0.5 point, rising from last week’s 3.44 percent average. Last year at this time, 15-year rates averaged 3.91 percent.
  • 15-year fixed-rate mortgages: averaged 2.77 percent, with an average 0.5 point, rising from last week’s 2.76 percent average. A year ago, 15-year rates averaged 3.11 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.82 percent, with an average 0.4 point, increasing from last week’s 2.81 percent average. A year ago, 5-year ARMs averaged 2.92 percent.

Source: Freddie Mac