Mortgage rates are rising from their historical lows of the past few weeks.
The average weekly rate for a 30-year fixed rate mortgage has risen 18 basis points from the previous week's record low on the heels of a better than expected employment report.
During the week ending Oct. 13, the average 30-year FRM was being offered at 4.12%, according to Freddie Mac. The rate for 15-year FRMs rose 11 bps to 3.37%, while the average rate for a Treasury-indexed, five-year hybrid adjustable-rate mortgage jumped 10 bps to 3.06%.
The only exception was the one-year ARM rate, which fell 5 bps to 2.9%.
Average points continued to be higher for fixed rate products at 0.8 of a point, compared to 0.6 of a point for ARMs.
The rebound in the relatively longer-term rates may not last. “There's nothing in these numbers that causes you to think that interest rates have bottomed in some cyclical fashion,” said Credit Suisse chief economist Neal Soss in a recent conference call, commenting on the rate implications of the improved jobs report.
A year ago, the 30-year rate averaged 4.19%, the 15-year averaged 3.62%, the five-year Treasury hybrid averaged 3.47% and the one-year Treasury ARM averaged 3.43%.
