Mortgage Rates Rise

30, 15, and 5 year all up on the week — Week ended Sept 12

Freddie Mac reports the following national averages with mortgage rates for the week ending September 12:

30-year fixed-rate mortgages

• Averaged 3.56%, with an average 0.5 point
• Up 0.07% from last week’s 3.49% average
• One year ago, the 30-year rate average was 4.60%

15-year fixed-rate mortgages

• Averaged 3.09%, with an average 0.5 point
• 0.09% more than last week’s 3.00% average
• This week in 2018, 15-year fixed averaged 4.06%

5-year hybrid adjustable-rate mortgages

• Averaged 3.36%, with an average 0.3 point
• Rising 0.06% from the 3.30% average last week
• Last year at this time, 5-year ARMs were 3.93% on average

“Pipeline purchase demand continues to improve heading into the late fall with purchase mortgage applications up nine percent from a year ago.

The improved demand reflects the still healthy underlying consumer economic fundamentals such as a low unemployment rate, solid wage growth and low mortgage rates.

While there has been a material weakness in manufacturing and consistent trade uncertainty, so far, the American consumer has proved to be resilient with solid home purchase demand.”

— Sam Khater; Chief Economist, Freddie Mac

Source: Freddie Mac