RESIDENTIAL | LOANS | RATES

Mortgage Rates Jump

Last week’s blop answered with a boing— Week ended Oct 17

“Despite this week’s uptick in mortgage rates, the housing market remains on the upswing with improvement in construction and home sales,” said Sam Khater, Freddie Mac’s Chief Economist. “While there has been a material weakness in manufacturing and consistent trade uncertainty, other economic trends like employment and homebuilder sentiment are encouraging.”

Freddie Mac reports the following national averages with mortgage rates for the week ending October 17:

30-year fixed-rate mortgages

• Averaged 3.69%, with an average 0.6 point
• Up 0.12% from last week’s 3.57% average
• One year ago, the 30-year rate average was 4.85%

15-year fixed-rate mortgages

• Averaged 3.15%, with an average 0.5 point
• 0.10% more than the 3.05% average last week
• This week in 2018, 15-year fixed averaged 4.26%

5-year hybrid adjustable-rate mortgages

• Averaged 3.35%, with an average 0.4 point
• Unchanged from last week’s 3.35% average
• Last year at this time, 5-year ARMs were 4.10% on average

Reference: Freddie Mac