Mortgage Rates Take an Upswing

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.”