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Mortgage Rates Hedge Up

Mortgage rates are hedging up, with the average 30-year, fixed rate jumping from 3.88 percent last week to 3.96 percent this week, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The average 15-year, fixed rate also leapt, from 3.17 percent last week to 3.22 percent this week, while the average 5-year, Treasury-indexed hybrid adjustable rate moved from 3.17 percent last week to 3.21 percent this week.

“Global interest rates turned up sharply over the last week,” says Sean Becketti, chief economist at Freddie Mac. “The 10-year Treasury yield was no exception, increasing 10 basis points in a holiday-shortened week. The 30-year mortgage rate followed suit, rising eight basis points to 3.96 percent.”

Source: Freddie Mac

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