Economy

Mortgage rates rise after weeks of declines, Freddie Mac says

Mortgage rates rise after weeks of declines, Freddie Mac says”

At Bank of Melbourne, Bank SA and St. George Bank, the new standard two-year fixed rate for owner-occupiers on P&I is 14 basis points below its former level, at 4.00 per cent (5.14 per cent comparison).

The interest rate on a 30-year fixed mortgage rose to an average of 3.83% from 3.78% in the week ended September 21, according to Freddie Mac.

The rate on a 30-year mortgage is up significantly from 3.48% at the same time in 2016, but it's below a recent peak of 4.32% last December. The 15-year FRM this week averaged 3.13 percent, up from last week when it averaged 3.08 percent. Freddie Mac also predicted a gradual increase in housing starts and moderate increases in mortgage rates as a combined force that will reduce house price growth next year.

6, 2017, photo shows a new home for sale in a housing development in Raeford, N.C. On Thursday, Sept. 21, 2017, Freddie Mac reports on the week's average US mortgage rates.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week.

The average fee for a 30-year mortgage was unchanged at 0.5 point.



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