U.S. mortgage rates on the rise for a fifth straight week: Freddie Mac

|About: Freddie Mac (FMCC)|By:, SA News Editor

Mortgage rates jumped to the highest level in more than seven years in the past week, according to  Freddie Mac's (OTCQB:FMCC) Primary Mortgage Market Survey.

“The robust economy, rising Treasury yields, and the anticipation of more short-term rate hikes caused mortgage rates to move up,” says Freddie Mac Chief Economist Sam Khater.

The 30-year fixed rate mortgage rose seven basis points to an average of 4.72% for the week ending Sept. 27, 2018, up from 4.65% in the prior week.

15-year FRM averaged 4.16%, up from 4.11% W/W.

5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.97% vs. 3.92% W/W.

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