The average mortgage interest rate moved up 6 basis points to 3.94 percent, the highest it has been since July of this year, according to the Federal Home Loan Mortgage Corp.
The 30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.5 point for the week ending Oct. 26, up from last week when it averaged 3.88 percent. A year ago at this time, the 30-year FRM averaged 3.47 percent.
The 15-year FRM this week averaged 3.25 percent with an average 0.5 point, up from last week when it averaged 3.19 percent. A year ago at this time, the 15-year FRM averaged 2.78 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.4 point, up from last week when it averaged 3.17 percent. A year ago at this time, the five-year ARM averaged 2.84 percent.
“The 10-year Treasury yield surged this week, jumping 12 basis points,” Sean Becketti, Freddie Mac chief economist, said in a statement. “The 30-year mortgage rate followed suit, increasing 6 basis points to 3.94 percent. Today’s survey rate is the highest rate in three months.”