Industry News

Real estate rates end week higher

Fed expected to raise cost of borrowing money again

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Mortgage rates ticked higher this week as markets began to factor in another likely rate hike from the Federal Reserve next week, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 6.12 percent, with an average 0.5 point, for the week ended today, up from last week's average of 6.1 percent. The average for the 15-year fixed is 5.7 percent, up from last week's average of 5.67 percent. Points on both the 30- and 15-year averaged 0.5. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.75 percent this week, with an average 0.6 point, unchanged from last week when it averaged 5.75 percent. The one-year Treasury-indexed ARM averaged 5.2 percent, with an average 0.6 point, up from last week when it averaged 5.18 percent. "The miniscule rise in mortgage rates this week most likely reflects market expectations that the Federal Reserve (Fed) will once again raise rates next week," said Fr...