After holding more or less flat the previous week, mortgage rates increased slightly to reach the highest level in six weeks during the week ended Oct. 5, Freddie Mac’s Primary Mortgage Market Survey shows.
The average rate for a 30-year fixed mortgage (FRM) was 3.85%, up from 3.83% the previous week. A year ago at this time, the average rate for a 30-year FRM was 3.42%.
The average rate for a 15-year FRM was 3.15%, up from 3.13%. A year ago at this time, the 15-year FRM averaged 2.72%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.18%, down from 3.20%. A year ago at this time, the five-year ARM averaged 2.80%.
“After holding steady last week, rates ticked up this week,” says Sean Becketti, chief economist for Freddie Mac, in a release. “The 10-year Treasury yield rose eight basis points, while the 30-year mortgage rate increased two basis points to 3.85 percent.”