Mortgage Rates Up for Third Straight Week

Freddie Mac released its weekly update on national mortgage rates this morning, showing a continued rise in interest rates -- nearly across the board.

Thirty-year and 15-year fixed rate mortgages (FRMs) rose eight basis points apiece in comparison to last week, hitting 3.59% and 2.77%, respectively.

Among variable rate mortgages, 5/1 adjustable rate mortgages tacked on one basis point, rising to 2.63%. One-year ARMs stayed flat at 2.55%.

In a statement, Freddie Mac vice president and chief economist Frank Nothaft observed that this is the third week in a row that FRMs have risen and mused that this trend "may slow some of the refinance momentum." Even so, "rates are nonetheless low and home-buyer affordability high, which should further aid home sales and construction in coming weeks."

Nothaft noted that even at the higher rates, "the National Association of Realtors reported that the median number of days on the market for these sales fell from 62 to 46 days, the fewest since it began collecting the data in May 2011."

Read/Post Comments (0) | Recommend This Article (2)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2449955, ~/Articles/ArticleHandler.aspx, 10/1/2016 4:44:16 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 19 hours ago Sponsored by:
DOW 18,308.15 164.70 0.91%
S&P 500 2,168.27 17.14 0.80%
NASD 5,312.00 42.85 0.81%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes