The recent slight movements in rates follow a strong surge in the previous week
Mortgage rates held steady for the week ending Nov. 2 after they reached their highest levels since July in the previous period, according to the Primary Mortgage Market Survey released by Freddie Mac.
The average rate for the 30-year fixed-rate mortgage was 3.94%, unchanged from the previous average, with an average 0.5 point. Compared to the year-ago period, the average rate increased from 3.54%.
Rates for 15-year fixed-rate mortgage averaged 3.27%, with an average 0.5 point, an increase from the previous 3.25% average. The latest average is also an increase from the 2.84% average rate in the same week last year.
Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage recorded an average rate of 3.23% with an average 0.5 point, rising from the 3.21% average in the prior period. A year ago at this time, the 5-year ARM averaged 2.87%.
"Following a strong surge last week, rates held relatively flat this week,” said Freddie Mac Chief Economist Sean Becketti. “The 30-year mortgage rate remained unchanged at 3.94%, while the 10-year Treasury yield dipped roughly four basis points. The markets' reaction to the upcoming announcement of the next Fed chair may impact the movement of rates in next week's survey."
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The average rate for the 30-year fixed-rate mortgage was 3.94%, unchanged from the previous average, with an average 0.5 point. Compared to the year-ago period, the average rate increased from 3.54%.
Rates for 15-year fixed-rate mortgage averaged 3.27%, with an average 0.5 point, an increase from the previous 3.25% average. The latest average is also an increase from the 2.84% average rate in the same week last year.
Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage recorded an average rate of 3.23% with an average 0.5 point, rising from the 3.21% average in the prior period. A year ago at this time, the 5-year ARM averaged 2.87%.
"Following a strong surge last week, rates held relatively flat this week,” said Freddie Mac Chief Economist Sean Becketti. “The 30-year mortgage rate remained unchanged at 3.94%, while the 10-year Treasury yield dipped roughly four basis points. The markets' reaction to the upcoming announcement of the next Fed chair may impact the movement of rates in next week's survey."
Related stories:
Mortgage rates jump to 3-month high
Mortgage rates drop slightly
