Uh oh! Mortgage Rates Bounce Back
Interesting. Very interesting. Freddie Mac is reporting that fixed-rate mortgage loan rates spiked over the past week. The lender’s weekly Primary Mortgage Market survey for the week ending October 13 showed that fixed-rate mortgages saw a sudden spike, perhaps in response to a better than predicted jobs report. While the increase in rates is significant, they are still near a 60-year low, the source explains. Those applying for mortgages this week will find that 30-year fixed rate mortgages have risen 0.18 percentage points to 4.12 percent. Last week, the average rate for a 30-year fixed home loan was 3.94 percent, while it was at 4.19 this time last year, the source reports. Similarly, 15 year fixed rate mortgages inched up 11 basis points this week, rising to 3.37 percent, up from 3.26 percent last week. While the rates saw a marked increase from week-to-week, they are still lower than they were at this time last year, when the average rate for a 15-year fixed home loan was 3.62 percent.