Fixed-rate mortgages headed up this week, reaching their highest averages since early summer.
“A jump last week in the PCE — the price index tracked most closely by the Fed — raised the prospect that inflation might not be completely dead after all,” says Sean Becketti, Freddie Mac’s chief economist. “Investors reacted by driving the yield on the 10-year Treasury to its highest point since June. The 30-year mortgage rate jumped 7 basis points to 3.54 percent, the largest one-week increase in over six months.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 3:
- 30-year fixed-rate mortgages: averaged 3.54 percent, with an average 0.5 point, rising from last week’s 3.47 percent average. Last year at this time, 30-year rates averaged 3.87 percent.
- 15-year fixed-rate mortgages: averaged 2.84 percent, with an average 0.5 point, rising from last week’s 2.78 percent average. A year ago, 15-year rates averaged 3.09 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.87 percent, with an average 0.4 point, increasing from last week’s 2.84 percent average. A year ago, 5-year ARMs averaged 2.96 percent.