Freddie Mac Mortgage Rates Move Higher Amid Potential Interest Rate Hike

Freddie Mac Mortgage Rates Move Higher Amid Potential Interest Rate Hike

Freddie Mac: Mortgage rates move higher amid potential interest rate hike

30-year, FRM reaches highest level since July

Image titleAverage fixed mortgage rates continued to trend higher amid market expectations of a possible rate increase by the Federal Reserve and following a stronger than expected jobs report, according to the latest results fromFreddie Mac’s Primary Mortgage Market Survey. (Source: Freddie Mac) 

The 30-year fixed-rate mortgage averaged 3.98% for the week ending Nov. 12, 2015, up from last week when it averaged 3.87%. A year ago at this time, the 30-year FRM averaged 4.01%. 

Also increasing, the 15-year FRM averaged 3.20%, up from last week when it averaged 3.09%. In 2014, the 15-year FRM averaged 3.20%. 

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.03%, up from last week when it averaged 2.96%. Last year, the 5-year ARM averaged 3.02%.

The 1-year Treasury-indexed ARM averaged 2.65%, up from 2.62% last week. A year ago, the 1-year ARM averaged 2.43%.  

“The positive employment reports pushed Treasury yields to about 2.3% as investors responded by placing a higher likelihood on a December rate hike,” said Sean Becketti, chief economist for Freddie Mac.

“Mortgage rates followed with the 30-year jumping 11 basis points to 3.98%, the highest since July. There is only one more employment report before the December FOMC meeting, which will have major implications on whether we see a rate hike in 2015,” he continued.

Taken from Brena Swanson,

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