U.S. mortgage rates increased this week yet remain at historically low levels, according to Freddie Mac.
The 30-year fixed mortgage averaged 3.47% for the week ending Oct. 13, up from 3.42% the previous week. A year ago, mortgage rates stood at 3.82%.
“This week the 10-year Treasury yield continued its climb as an increasing number of financial market participants foresee a December rate hike after a series of positive economic data releases,” said Sean Becketti, chief economist at Freddie Mac. “The 30-year fixed-rate mortgage moved up 5 basis points to 3.47% in this week’s survey, the first increase in one month. Even though we’ve seen economic activity pick up, consumer price inflation and implied inflation expectations remain below the Federal Reserve’s 2% target.”