Mortgage rates jumped during the week ended Oct. 24, as the average rate for a 30-year fixed-rate mortgage jumped to 3.75%, up from 3.69% to reach the highest level in in 12 weeks, according to Freddie Mac’s Primary Mortgage Market Survey.
Still, that’s far below the average rate of 4.86% a year ago.
“The outlook for a favorable resolution to the trade dispute between the U.S. and China is still unclear, introducing some volatility into financial markets and the benchmark 10-year Treasury yield,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Mortgage rates are following suit but are at near historic lows, while mortgage applications to purchase a home remain higher year over year.”
The average rate for a 15-year fixed-rate mortgage was 3.18%, up from 3.15% the previous week.
A year ago at this time, the average rate for a 15-year was 4.29%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.4%, down from 3.35%.
A year ago at this time, the average rate for a five-year ARM was 4.14%.