ABBA First Mortgage News

Once again, mortgage rates increase for the week

Rates were up in the past week, with rates on home loans starting to react more closely to the movement of Treasuries. For the week ending October 12, Freddie Mac announced that 30-year fixed rates rose to 3.91% from 3.85% the week before. The average for 15-year loans rose as well, to 3.21%. The average for five-year adjustables moved down to 3.16%, bucking the trend. A year ago, 30-year fixed rates averaged 3.47%. Attributed to Sean Becketti, chief economist, Freddie Mac — “The rate on 30-year fixed loans increased for a second consecutive week, jumping 6 basis points to 3.91 percent. The 10-year Treasury yield also rose, climbing 4 basis points this week.” Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

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