Mortgage Rates Take an Upswing

Nov 03, 2016

Average fixed mortgage rates increasing to their highest level since late June, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending Nov. 3.

The 30-year fixed-rate mortgage (FRM) averaged 3.54 percent, up from last week when it averaged 3.47 percent. The 15-year FRM this week averaged 2.84 percent, up from last week’s average of 2.78 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.87, higher than last week when it averaged 2.84 percent.

“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,” said Freddie Mac Chief Economist Sean Becketti. “Investors reacted by driving the yield on the 10-year Treasury to its highest point since June. The 30-year mortgage rate jumped seven basis points to 3.54 percent, the largest one-week increase in over six months.”

About the author

Phil Hall

Link copied

Published

Nov 03, 2016

Diversity & Inclusion

NAF Releases New White Paper On Empowering Diverse Communities

Addressing the racial homeownership gap and recommending industry-wide solutions

The overall homeownership rate across the US stands at 66%, with notable differences among racial and ethnic groups. New American Funding (NAF), the largest Latina-owned mortgage company in the U.S., is taking steps to close that homeownership gap by addressing systemic obst...

Analysis and Data

U.S. Economy Grew At 1.6% Rate In Q1

The slowdown comes at the same time that the Federal Reserve's efforts to combat inflation have halted.

Real gross domestic product (GDP) increased at an annual rate of 1.6% in the first quarter of 2024, according to the "advance" estimate released by the Bureau of Economic Analysis (BEA) today. In the fourth quarter of 2023, real GDP, a broad measure of goods and services pro...