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Mortgage rates were climbing over the past week, according to new data from Freddie Mac.
The 30-year fixed-rate mortgage (FRM) averaged 4.54 percent for the week ending Sept. 6, up from last week when it averaged 4.52 percent. The 15-year FRM this week averaged 3.99 percent, up from last week when it averaged 3.97 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.93 percent, up from last week when it averaged 3.85 percent.
“Borrowing costs may be slowly on the rise again in coming weeks, as investors remain optimistic about the underlying strength of the economy,” said Sam Khater, Freddie Mac’s chief economist. “It’s important to note that rates are now up three-quarters of a percentage point from last year and home prices, albeit at a slower pace, are still outrunning rising inflation and incomes. This weakening in affordability is hindering many interested buyers this fall, even as the robust economy brings them into the market. The good news is that purchase mortgage applications have recently rebounded to above year ago levels.”
