Mortgage rates rise for the third consecutive week
The average U.S. fixed rate for a 30-year mortgage rose to 3.78%. That’s 3 basis points above last week’s 3.75% but still more than a percentage point below the 4.83% at this time last year. This marks the third consecutive week of rate increases, which hasn’t happened since April.
The 15-year Fixed rate morgate (FRM) averaged 3.19% this week, crawling forward from last week’s 3.18%. This time last year, the 15-year FRM came in at 4.23%. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.43%, ticking up from last week’s rate of 3.4% That being said, the percentage still sits well below 2018’s rate of 4.04%.
Source- Housing Wire
By John Skinner
