Freddie Mac released its Primary Mortgage Market Survey (PMMS) Thursday with the average mortgage rates reaching their highest levels since July. According to Sean Becketti, Chief Economist at Freddie Mac, both the 10-year Treasury yield and 30-year mortgage rate increased significantly.
"The 10-year Treasury yield surged this week, jumping 12 basis points. The 30-year mortgage rate followed suit, increasing 6 basis points to 3.94 percent. Today's survey rate is the highest rate in three months." Becketti said.
The 5-year Treasury-Indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent with an average 0.4 point this week. Last week it averaged 3.17 percent and at the same time last year the 5-year ARM averaged 2.84 percent.
The 30-year fixed mortgage (FRM) rate averaged 3.94 percent with an average 0.5 point for the week ending in October 26, 2017, which is up from last week from 3.88 percent. This up compared to October 2016 where the 30-year FRM averaged 3.47 percent.
The 15-year FRM averaged 3.25 percent with average 0.5 point, up from last week’s 3.19 percent. In October last year the average for the 15-year FRM was 2.78 percent.
To reflect the total upfront cost of obtaining a mortgage, average commitment rates should be reported along with average fees. Closings costs may still need to be paid by borrowers, which are not included in the survey. A full list of definitions from Freddie Mac can be viewed here.
To see the full graph of data, click here.