Mortgage rates and Treasury yields moved higher this week in anticipation of the Federal Open Markets Committee raising short-term interest rates in December, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.47% for the week ending Oct. 13,
"This week the 10-year Treasury yield continued its climb as an increasing number of financial market participants foresee a December rate hike after a series of positive economic data releases. The 30-year fixed-rate mortgage moved up 5 basis points, the first increase in one month," said Sean Becketti, chief economist at Freddie Mac.
The 15-year fixed-rate mortgage averaged 2.76%, up from last week when it averaged 2.72%. A year ago at this time, the 15-year averaged 3.03%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.82%, up from last week when it averaged 2.8%, while a year ago it averaged 2.88%.
"Even though we've seen economic activity pick up, consumer price inflation and implied inflation expectations remain below the Federal Reserve's 2% target," Becketti added.
