The 30-year fixed-rate mortgage is getting closer to moving over 4 percent, as mortgage rates climb for the second week in a row. Freddie Mac reports that fixed-rate mortgages are rising in anticipation of a possible rate increase by the Federal Reserve and a recent strong jobs report. Please provide comments about this and your local area!
Freddie Mac reports the following national averages with for the week ending Nov. 12:
- 30-year fixed-rate mortgages: averaged 3.98 percent, with an average 0.6 point, rising from last week’s 3.87 percent average. Last year at this time, 30-year rates averaged 4.01 percent.
- 15-year fixed-rate mortgages: averaged 3.20 percent, with an average 0.6 point, increasing from last week’s 3.09 percent average. A year ago, 15-year rates averaged 3.20 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.03 percent, with an average 0.4 point, climbing from last week’s 2.96 percent average. A year ago, 5-year ARMs averaged 3.02 percent.
- 1-year ARMs: averaged 2.65 percent, with an average 0.2 point, increasing from 2.62 percent last week. A year ago, 1-year ARMs averaged 2.43 percent.
Source: Freddie Mac