Mortgage rates held steady for the week ending Nov. 2 after they reached their highest levels since July in the previous period, according to the Primary Mortgage Market Survey released by Freddie Mac.
The average rate for the 30-year fixed-rate mortgage was 3.94%, unchanged from the previous average, with an average 0.5 point. Compared to the year-ago period, the average rate increased from 3.54%.
Rates for 15-year fixed-rate mortgage averaged 3.27%, with an average 0.5 point, an increase from the previous 3.25% average. The latest average is also an increase from the 2.84% average rate in the same week last year.
Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage recorded an average rate of 3.23% with an average 0.5 point, rising from the 3.21% average in the prior period. A year ago at this time, the 5-year ARM averaged 2.87%.
“Following a strong surge last week, rates held relatively flat this week,” said Freddie Mac Chief Economist Sean Becketti. “The 30-year mortgage rate remained unchanged at 3.94%, while the 10-year Treasury yield dipped roughly four basis points. The markets’ reaction to the upcoming announcement of the next Fed chair may impact the movement of rates in next week’s survey.”