Mortgage Rates Reverse Trend, 30-Year Rises For First Time in Seven Weeks

As had been forecast, mortgage rates moved up slightly during the week ended Sept. 21, after hitting a new low for the year the previous week.

According to Freddie Mac’s Primary Mortgage Survey, the average rate for a 30-year fixed-rate mortgage (FRM) was 3.83%, up from the low of 3.78% the previous week.

A year ago at this time, the 30-year FRM averaged 3.48%.

It was the first time in seven weeks that the average rate for the 30-year FRM increased.

The average rate for a 15-year FRM was 3.13%, up from 3.08 percent%. A year ago at this time, the 15-year FRM averaged 2.76%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.17%, up from 3.13%. A year ago at this time, the five-year ARM averaged 2.80%.

“The 10-year Treasury yield continued its upward trend, rising seven basis points this week,” says Sean Becketti, chief economist for Freddie Mac, in a statement. “As we expected, the 30-year mortgage rate followed suit, increasing five basis points to 3.83 percent. This week’s uptick in the 30-year mortgage rate ends a nearly two-month streak of declines.”

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