Mortgage rates were unchanged or up slightly this week even as the 10-year Treasury yield retreated from its recent gains, according to Freddie Mac.

30-Year FRM 15-Year ARM 5/1-Year ARM
Average Rates 3.94% 3.27% 3.23%
Fees & Points 0.5 0.5 0.5
Margin N/A N/A 2.74

The 30-year fixed-rate mortgage averaged 3.94% for the week ending Nov. 2, the same as last week. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.54%.

Mortgage rates hold steady

"Following a strong surge last week, rates held relatively flat this week. The 30-year mortgage rate remained unchanged, while the 10-year Treasury yield dipped roughly 4 basis points. The markets' reaction to the upcoming announcement of the next Fed chair may impact the movement of rates in next week's survey," Sean Becketti, Freddie Mac's chief economist, said in a press release.

The 15-year fixed-rate mortgage this week averaged 3.27%, up from last week when it averaged 3.25%. A year ago at this time, the 15-year fixed-rate mortgage averaged 2.84%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.23% this week with an average 0.5 point, up from last week when it averaged 3.21%. A year ago at this time, the five-year adjustable-rate mortgage averaged 2.87%.

"After increasing to their highest levels since mid-July, mortgage rates retreated early this week to near where they were for much of the past month," Aaron Terrazas, Zillow's senior economist, said when that company released its own rate tracker on Wednesday.

"The emerging contours of tax reform proposals in Congress and continued speculation about who will be named the next chair of the Federal Reserve both helped pushed rates lower. Markets are waiting for an official Fed chair nomination and will also be watching Friday's jobs report. Recent economic data have been strong and, the past few days aside, rates have been moving gradually higher," Terrazas said.

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