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Home / Business / Freddie Mac: Mortgage rates have the highest uptick per week since October last year 2019-09-19

Freddie Mac: Mortgage rates have the highest uptick per week since October last year 2019-09-19



This week, the average US fixed interest rate for a 30-year mortgage loan rose to 3.73%. There are seventeen basis points over last week's 3.56%, but almost one percentage point lower than 4.65% from the previous year, according to Freddie Mac Primary Mortgage Market Survey.

According to GSE, this week's 30-year rise in real estate mortgages is the largest weekly upswing since October.

Despite the rise in mortgage rates, economic data improved this week – especially housing activity, which accelerated with a noticeable increase in demand for purchase and new construction, said chief economist Sam Khater, Freddie Mac.

"Home buyers flocked to lenders with purchasing applications, up 1

5% from a year ago and housing permits increased 12% from a year ago to 1.4 million, the highest level in twelve years," Khater said. "Although there was initially a slow response to the overall lower mortgage environment this year, it is clear that the housing market is finally improving due to the strong labor market and low mortgage rates."

The 15-year FRM averaged 3.21% this week, a moderate increase from last week's 3.09%. This time last year, the 15-year FRM was at 4.11%.

The five-year government bond loan with adjustable interest rate averaged 3.49%, up from the previous week's interest rate of 3.36%. This percentage is still a large decline from the 2018 rate of 3.92%.

The image below highlights this week's changes:

 Mortgage Rates September 19


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