Mortgage Rates Hit Three-Month High

Average mortgage rates hit their highest level since July, according to data from Freddie Mac.

 

The 30-year fixed-rate mortgage (FRM) averaged 3.94 percent for the week ending Oct. 26, up from last week when it averaged 3.88 percent. The 15-year FRM this week averaged 3.25 percent, up from last week when it averaged 3.19 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week, up from last week when it averaged 3.17 percent.

 

Separately, the Federal Housing Finance Agency (FHFA) reported that interest rates on conventional purchase-money mortgages decreased from August to September, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was four percent for loans closed in late September, down five basis points from 4.05 percent in August, while the average interest rate on all mortgage loans was 3.99 percent, down five basis points from 4.04 in August. The effective interest rate on all mortgage loans was 4.08 percent in September, down six basis points from 4.14 in August.

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