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On the radar: Freddie Mac fixed mortgage rates up for a third week as of October 31

Freddie Mac reported fixed mortgage rates were up for a third week in a row while the rate for a 5/1-year ARM was up for a second week as of the October 31 data.

The 30-year fixed rate was up 3 basis points to 3.78% to its highest since 3.81% in the July 18 week. The monthly average for October was at 3.70%, 9 basis points above 3.61% in September.

The 15-year fixed rate was up 1 basis point to 3.19% to its highest since 3.20% in the August 1 week. The monthly average for October was 3.14%, 2 basis points above 3.12% in September.

The 5/1-year ARM rate was up 3 basis points to 3.43% to its highest since 3.49% in the September 19 week. The monthly average for October was 3.38%, the same as in September.

Recent increases in rates are probably not enough to dissuade a qualified buyer from purchasing, but may eliminate the possibility of homeownership at the margins. Housing affordability isn’t greatly reduced by the slightly higher mortgage rates, but for some that few dollars may be the difference between confidence in a home purchase and a decision to wait-and-see if rates will decline again.

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