Interest rates on 30-year fixed-rate mortgages increased during the week ending Nov. 5, as the market gained greater confidence that the Federal Reserve will raise interest rates, according to Freddie Mac.
The 30-year FRM averaged 3.87%, up 11 basis points from 3.76% a week ago, according to Freddie Mac's Primary Mortgage Market Survey. This was down 15 basis points from 4.02% a year ago.
The 15-year fixed-rate mortgage averaged 3.09%, up 11 basis points from a week earlier. It was down 12 basis points from 3.21% on a yearly basis.
"Treasury yields climbed nearly 20 basis points over the past week, capturing the market movement following last week's FOMC meeting. In response, the 30-year mortgage rate experienced its largest increase since June," Sean Becketti, Freddie Mac's chief economist, said in a news release.
