In studying mortgage rates over many years, I have found that they often go up and down just like the ocean tides. One week they are down, and one week they are up, just like this week.
Freddie Mac released its weekly survey this morning, showing that average mortgage rates for the week ending November 3, 2016, have increased to their highest level since June.
The 30 year fixed mortgage averaged 3.54% over the week with an average 0.5 point, higher than last week’s report when the average was 3.47%. It was at a 3.87% average for the same time period last year.
Average rates for the 15-year mortgage was at 2.84%, an increase from last week when it averaged 2.78%. Last year’s average for the same time period was 3.09%.
5-year adjustable-rate mortgage (ARM) average rates were at 2.87%, with an average 0.4 point, higher than last week when it averaged 2.84%. A year ago, the 5-year ARM averaged 2.96%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“A jump last week in the PCE — the price index tracked most closely by the Fed — raised the prospect that inflation might not be completely dead after all. Investors reacted by driving the yield on the 10-year Treasury to its highest point since June. The 30-year mortgage rate jumped 7 basis points to 3.54 percent, the largest 1-week increase in over six months.”
Some of the nation’s top lenders have reported the following mortgage rates for today.
Bank of America is reporting the 30-year fixed is 3.625%, and the 15-year mortgage is 2.875%. The 5/1 ARM is 2.50%.
Today at Wells Fargo, the 30-year fixed mortgage purchase rate is 3.75%, and the 15-year fixed is 3.00%. The 30-year refinance rate is 3.875%, and the 15-year mortgage is 3.125%.
Chase Mortgage’s 30-year fixed rate for the purchase mortgage rate is 3.50%, and the 15-year is at 2.875%. 30-year fixed mortgage refinance rates are at 3.625%, and the 15-year fixed is at 2.875%.
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.