Mortgage rates across major loan product types rose nationally this past week, up from their lowest rates of the year, according to a Freddie Mac survey.
Rates were helped by increased demand, according to Freddie Mac chief economist Frank Nothaft.
"New-home sales grew at an annual rate of 467,000 sales in September, the fastest rate observed during the recovery," Nothaft said in a press release.
The survey, Freddie Mac's regular weekly snapshot of mortgage markets called the Primary Mortgage Market Survey, found that average 30-year fixed mortgage rates climbed to 3.98%, up from an average of 3.92% the week before. That's still down from the same time last year, when the average 30-year fixed mortgage rate was 4.1%.
Rates for 15-year fixed mortgages averaged 3.13%, up from 3.08% last week, but still below down from 3.2% last year.
Five-year Treasury-indexed adjustable-rate mortgages saw a 2.94% average, up slightly from last week's 2.91%, and two basis points off last year's 2.96%. The one-year Treasury-indexed adjustable-rate mortgage averaged 2.43%, up two basis points
