Rates Jumped to a Seven-year High in the Past Week

November 13, 2018
rates
For the week ending November 8, Freddie Mac announced that 30-year fixed rates increased to 4.94% from 4.83 the week before.

 

The average for 15-year loans rose to 4.33% and the average for five-year adjustables increased to 4.14%. A year ago, 30-year fixed rates averaged 3.90%, more than one percent lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac -- "The economy continued to show resilience, as strong business activity and growth in employment drove 30-year fixed rates to a seven-year high of 4.94 percent – up 11 basis points from last week. Higher rates have led to a slowdown in national home price growth, but the price deceleration has been primarily concentrated in affluent coastal markets. The more affordable interior markets – which have not yet experienced a slowdown in home price growth – may see price growth start to moderate and affordability squeezed if rates continue to march higher."Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

 Current Indices for Adjustable Rate Mortgages 
Updated November 9, 2018 

 

Daily Value

Monthly Value

 

Nov 8

October

6-month Treasury Security

2.52%

2.46%

1-year Treasury Security

2.74%

2.65%

3-year Treasury Security

3.05%

2.94%

5-year Treasury Security

3.09%

3.00%

10-year Treasury Security

3.24%

3.15%

12-month LIBOR

 

3.084% (Oct)

12-month MTA

 

2.650% (Oct)

11th District Cost of Funds

 

1.018% (Sept)

Prime Rate

 

5.25% (Sept)