MORTGAGE INTEREST RATES HIGHEST SINCE JUNE
The average interest rate for 30-year fixed-rate mortgages rose to 3.57%, up seven basis points since last week and the highest they have been since June. The average 15-year fixed mortgage rate is 2.87 percent, up 13 basis points since the same time last week.
The average rate on a 5/1 ARM is 3.03 percent, falling 23 basis points over the last week.
Michael Fratantoni, the Mortgage Bankers Association chief economist stated: “Globally, rates have begun to creep upwards as investors anticipate less aggressive monetary policies from central banks, and U.S. rates are being pushed upwards in response. Additionally, new data show continued positive signals regarding the job market and rising inflation, indicating that the Fed is likely to hike in December and will continue increasing rates next year.”
Sources: CNBC and Bankrate
By John Skinner
