Fixed-rate mortgages are on their way up this week for the second consecutive week, with the 30-year fixed-rate mortgage reaching its highest level since Sept. 19 when it averaged 4.50 percent, Freddie Mac reports.
“Fixed mortgage rates increased this week following stronger than expected economic data releases,” says Frank Nothaft, Freddie Mac’s chief economist. Nothaft notes the employment report for October was stronger than expected with revisions adding 60,000 additional jobs to the prior two month of releases.
Freddie Mac reports the following national averages for the week ending Nov. 14:
- 30-year fixed-rate mortgages: averaged 4.35 percent, with an average 0.7 point, rising from last week’s 4.16 percent average. Last year at this time, 30-year rates averaged 3.34 percent.
- 15-year fixed-rate mortgages: averaged 3.35 percent, with an average 0.7 point, rising from last week’s 3.27 percent average. Last year at this time, 15-year rates averaged 2.65 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.01 percent, with an average 0.4 point, rising from last week’s 2.96 percent average. A year ago at this time, 5-year ARMs averaged 2.74 percent.
Source: Freddie Mac