(RTTNews) - Mortgage rates, or interest rates on home loans, increased to highest level in 12 weeks, according to mortgage provider Freddie Mac (FMCC.OB).
Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.75 percent for the week ending October 24, 2019, up from last week's 3.69. A year ago at this time, the average rate was 4.86 percent.
The 15-year FRM this week averaged 3.18 percent, up from last week's 3.15 percent. A year ago at this time, the 15-year FRM averaged 4.29 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.40 percent, up from 3.35 percent. It was 4.14 percent a year ago.
"The outlook for a favorable resolution to the trade dispute between the U.S. and China is still unclear, introducing some volatility into financial markets and the benchmark 10-year Treasury yield," said Sam Khater, Freddie Mac's Chief Economist. "Mortgage rates are following suit but are at near historic lows, while mortgage applications to purchase a home remain higher year over year."
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