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Mortgage rates moved up again during the week ending September 20, increasing for the fourth consecutive week, according to the Primary Mortgage Market Survey released by Freddie Mac.
The average rate for the 30-year fixed-rate mortgage increased to 4.65%, its highest level since May, with an average 0.5 point. The previous average was 4.6%. The mortgage type averaged 3.83% in the same week in 2017.
The 15-year fixed-rate mortgage averaged 4.11%, with an average 0.5 point, up from 4.06%. A year ago at this time, the mortgage averaged 3.13%.
Rates for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) increased to 3.92%, with an average 0.4 point, up from its previous average of 3.93%. The 5-year ARM averaged 3.17% in the same period last year.
“Mortgage rates are drifting upward again and represent continued affordability challenges for prospective buyers – especially first-time buyers,” Freddie Mac Chief Economist Sam Khater said. “Borrowing costs are moving right now for three main reasons: the very strong economy, higher US government debt issuances, and global trade tensions.”
“Amidst this four-week climb in mortgage rates, the welcoming news is that purchase applications have risen on an annual basis for five consecutive weeks. However, given the widespread damage caused by Hurricane Florence in the Carolinas, the next few months of housing activity will likely be somewhat volatile,” he added.
(From MPA 9/24)