While mortgage rates remain historically low, there has been a slight increase over the past few months, resulting in borrowers paying more over the life of the loan.
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing the average 30-year fixed mortgage rate moving to its highest mark since July. The 30-year fixed-rate mortgage reached its highest average since July this week.
“The 10-year Treasury yield ticked up 6 basis points, while the 30-year mortgage rate jumped 5 basis points to 3.95 percent,” says Sean Becketti, Freddie Mac’s chief economist. “Today’s survey rate is the highest rate in nearly four months.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 16:
- 30-year fixed-rate mortgages: averaged 3.95 percent, with an average 0.5 point, rising from last week’s 3.90 percent average. Last year at this time, 30-year rates averaged 3.94 percent.
- 15-year fixed-rate mortgages: averaged 3.31 percent, with an average 0.5 point, rising from last week’s 3.24 percent average. A year ago, 15-year rates averaged 3.14 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.21 percent this week, with an average 0.4 point, falling slightly from last week’s 3.22 percent average. A year ago, 5-year ARMs averaged 3.07 percent.
The takeaway, is that while borrowing is still the least expensive it’s ever been, you may want to think about jumping into the market sooner rather than later. There is also less competition, realistic pricing, and motivated sellers especially during the traditionally quieter Holiday period, so it’s a great time to look.
Source: Freddie Mac