U.S. Long-term Mortgage Rates Rose Again For the Third Straight Week

FILE – In this Oct. 22, 2019, photo a sign stands outside a new home for sale in southeast Denver. On Thursday, Oct. 31, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo/David Zalubowski, File)

U.S. long-term mortgage rates rose this week for the third straight week, while remaining historically low and far below their levels of a year ago.

Mortgage giant Freddie Mac said Thursday the average rate for a 30-year fixed-rate mortgage increased to 3.78% from 3.75% last week. By contrast, the key average rate stood at 4.83% a year ago.

The average rate on a 15-year mortgage ticked up to 3.19% from 3.18% last week.

Lower borrowing rates have helped revive the housing market, which stumbled last year. New home sales jumped 15.5% in September from a year earlier.

The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates.

The average fee on 30-year fixed-rate mortgages was unchanged from last week at 0.5 of a point. The average fee for the 15-year mortgage rose to 0.6 point from 0.5 point.

The average rate for five-year adjustable-rate mortgages increased to 3.43% from 3.4%. The fee rose to 0.4 point from 0.3 point.

Source: Associated Press