Mortgage rates increased for the third straight week, but a decrease in the 10 Year Treasury and moves by the Federal Reserve may signal a drop in the coming weeks. Still, economists project the rate to remain relatively stable until further economic developments, according to the Washington Post.
Mortgage rates continued to climb this week but could be headed lower.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average moved higher for the third week in a row, rising to 3.78 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 3.75 percent a week ago and 4.83 percent a year ago.
The 15-year fixed-rate average increased to 3.19 percent with an average 0.6 point. It was 3.18 percent a week ago and 4.23 percent a year ago. The five-year adjustable rate average ticked up to 3.43 percent with an average 0.4 point. It was 3.35 percent a week ago and 4.04 percent a year ago.