WASHINGTON (11/6/15)--The possibility that the Federal Reserve will raise interest rates next month led to an across-the-board increase in mortgage rates for the week ending Nov. 5, according to Freddie Mac.
The 30-year fixed-rate mortgage rate climbed to 3.87% from 3.76% for the week, while the 15-year fixed-rate mortgage rate rose to 3.09% from 2.98%.
A year ago, the 30-year rate stood at 4.02% and the 15-year rate was at 3.21%.
“Treasury yields climbed nearly 20 basis points over the past week, capturing the market movement following last week’s (Federal Open Market Committee) meeting,” said Sean Becketti, Freddie Mac chief economist. “In response, the 30-year mortgage rate experienced its largest increase since June.”
“Recent commentary suggests interest rates may rise in the near future,” Becketti added. “Janet Yellen referred to a December rate hike as a ‘live possibility’ if incoming information supports it. The October jobs report to be released today will be one crucial factor influencing the FOMC’s decision.”
Additional mortgage-rate numbers from Freddie Mac: