Average mortgage rates for the week ending September 15, 2016, have risen to its highest level since June, according to the latest report from Freddie Mac.
The 30 year fixed mortgage averaged 3.50% with an average 0.5 point, down from the previous week’s average of 3.44%. A year ago at this time, the 30-year averaged 3.91%.
Average rates for the 15-year mortgage was at 2.77%, down from the week prior’s average of 2.76%. Last year’s average for the same time period was 3.11%.
5-year adjustable-rate mortgage (ARM) average rates was at 2.82%, higher than the previous week’s average of 2.81%. A year ago, the 5-year ARM averaged 2.91%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“The 10-year Treasury yield rose 18 basis points to 1.73 percent, its highest level since Brexit. The 30-year fixed-rate mortgage followed suit, rising 6 basis points to 3.50 percent this week. This is the first week since June that mortgage rates were above 3.48 percent, snapping an 11-week trend.”
The nation’s top lenders are reporting the following rates on their websites.
Bank of America’s 30-year fixed mortgage is 3.50%, and the 15-year fixed is 2.50%.
Today at Wells Fargo, the 30-year fixed are 3.75%, and the 15-year is 3.00%. 30-year refinance rates at Wells for the 30-year mortgage are at 3.75%, and the 15-year refi rates 3.125%.
Chase mortgage is reporting the 30-year fixed purchase mortgage rate is 3.375%, and the 15-year mortgage is 2.75%. Chase refinance rates for the 30-year fixed mortgage are 3.50%, and the 15-year is 2.75%.
The rates quoted above can change at any time and are not guaranteed. If you would like a live rate quote and/or to discuss other possible mortgage options, please call me, Erik Sandstrom, with Caliber Home Loans at 1-800-779-4547; or email me at Erik.Sandstrom@CaliberHomeLoans.com.
You can also search online for the latest rate quotes using the widget below.