Fixed Mortgage Rates Swing Upward

Average fixed mortgage rates are on the rise, according to the latest Freddie Mac Primary Mortgage Market Survey (PMMS).

The 30-year fixed-rate mortgage (FRM) averaged 3.57 percent for the week ending Nov. 10, up from last week when it averaged 3.54 percent. The 15-year FRM this week averaged 2.88 percent, up from last week when it averaged 2.84 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week, up from last week when it averaged 2.87 percent.

However, Freddie Mac Chief Economist Sean Becketti warned that this uptick should not be credited to Tuesday’s election results.

“This week's survey reflects pre-election market conditions,” Becketti said. “As a result, the 30-year mortgage rate increased to 3.57 percent, only three basis points higher than last week's level. On Wednesday, the 10-year Treasury yield closed above two percent, about 25 basis points higher than its pre-election value and its highest yield since January. At this point, it is too soon to tell whether Treasuries will hold this new level or if the mortgage rate will increase as much over the coming week.”