The FINANCIAL -- Freddie Mac on October 26 released the results of its Primary Mortgage Market Survey (PMMS), showing average mortgage rates hitting their highest marks since July.
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.
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."