Mortgage rates increased during the week ended Nov. 16, with the average rate for a 30-year fixed-rate mortgage (FRM) rising to 3.95%, up from 3.9% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year FRM was 3.94%.
The average rate for a 15-year FRM was 3.31%, up from 3.24% the previous week. A year ago at this time, the 15-year FRM averaged 3.14%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.21%, down slightly from 3.22%. A year ago at this time, the five-year ARM averaged 3.07%.
“Rates increased this week,” says Sean Becketti, chief economist for Freddie Mac, in a release. “The 10-year Treasury yield ticked up six basis points, while the 30-year mortgage rate jumped five basis points to 3.95 percent. Today’s survey rate is the highest rate in nearly four months.”