U.S. Mortgage Rates On The Rise

(RTTNews) - Mortgage rates rose to the highest point in five months.

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.57 percent for the week ended November 10, up from 3.54 percent last week. A year ago at this time, the average rate was 3.98 percent.

The Freddie Mac survey also showed that the 15-year fixed-rate mortgage averaged 2.88 percent this week, up form 2.87 percent last week. A year ago at this time, the rate for the 15-year loans averaged 3.20 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.88 percent, up from 2.87 percent last week. It was 3.03 percent a year ago.

"This week's survey reflects pre-election market conditions," said Sean Becketti, chief economist, Freddie Mac. "On Wednesday, the 10-year Treasury yield closed above 2 percent, about 25 basis points higher than its pre-election value and its highest yield since January. At this point, it is too soon to tell whether Treasuries will hold this new level or if the mortgage rate will increase as much over the coming week."