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