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Interest Rates Make Largest Jump Since June

by Tianna Mañón

Interest Rates Make Largest Jump Since June: Figure 1

Freddie Mac reported Thursday morning that a 30-year fixed-rate mortgage averaged 3.87 percent with an average 0.6 point this week. This is an 11 basis point increase from last week’s 3.76 percent, the largest one-week increase for rates in a little over four months.

“Treasury yields climbed nearly 20 basis points over the past week, capturing the market movement following last week’s FOMC meeting,” said Sean Becketti, chief economist with Freddie Mac. “In response, the 30-year mortgage rate experienced its largest increase since June, up 11 basis points to 3.87 percent. Recent commentary suggests interest rates may rise in the near future. Janet Yellen referred to a December rate hike as a ‘live possibility’ if incoming information supports it. The October jobs report to be released this Friday will be one crucial factor influencing the FOMC’s decision.”

UrbanTurf is following the trajectory of rates in this chart:

Interest Rates Make Largest Jump Since June: Figure 2

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: mortgage rates, interest rates, freddie mac

This article originally published at http://dc.urbanturf.com/articles/blog/3.87_rates_make_largest_jump_since_june/10552

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