RESIDENTIAL | LOANS | RATES

Mortgage Rates Continue to Rise

Ending Spooktober on a 3 week streak— Week ended October 31

“This week marks the third consecutive week of rate increases, which hasn’t happened since April of this year. That said, purchase activity continues to show strength, indicating obvious homebuyer demand,” said Sam Khater, Freddie Mac’s Chief Economist. “However, the lack of housing supply remains a major barrier to not just the housing market, but the overall economic recovery.”

With that, Freddie Mac reports the following national averages with mortgage rates for the week ending October 31:

30-year fixed-rate mortgages

• Averaged 3.78%, with an average 0.5 point
• Up 0.03% from 3.75% average last week
• One year ago, the 30-year rate average was 4.83%

15-year fixed-rate mortgages

• Averaged 3.19%, with an average 0.6 point
• 0.01% above last week’s 3.18% average
• This week in 2018, 15-year fixed averaged 4.23%

5-year hybrid adjustable-rate mortgages

• Averaged 3.43%, with an average 0.4 point
• Rising 0.03% from last week’s 3.40% average
• Last year at this time, 5-year ARMs were 4.04% on average

Reference: Freddie Mac