Freddie Mac mortgage interest rates as of November 14 were up across the board. Rates remain low, but recent gains in longer-term yields suggest that the wave of three-year lows is past. The level is still an attractive one for buyers but could be enough to discourage those on the margins.
The 30-year fixed rate was up 6 basis points to 3.75% as of November 14 from 3.69% in the prior week. The average for November to-date is 3.72%, the highest monthly rate since 3.77% in July.
The 15-year fixed rate was up 7 basis points to 3.20% from 3.13% in the prior week. The average for the first two weeks of November is 3.17%, the highest since 3.20% in July.
The 5/1-year ARM rate was up 5 basis points to 3.44% from 3.39% in the prior week. The average for November so far is 3.42%, the highest since 3.47% in July.
The slight uptick may mean that home sellers are going to face more pressure to negotiate prices as potential buyers assess the affordability of a purchase.
Disclaimer: Whetstone Analysis provides commentary as a service to its subscribers. Whetstone Analysis is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to, or reliance on any information contained within the site. While the information contained within the site is periodically updated and every effort is made to ensure its accuracy, no guarantee is given that the information provided in this Web site is correct, complete, and up-to-date. Click here to read our full Disclaimer.