US mortgage rates rise to highest in almost 3 months

by Steve Randall25 Oct 2019

Mortgage rates south of the border have been edging higher recently but remain well below year-ago levels.

Freddie Mac said Thursday that for the week ending October 24, the 30-year fixed-rate mortgage (FRM) averaged 3.75%, the highest it’s been in 12 weeks. A week earlier it was 3.69%.

The 15-year FRM rate moved from an average 3.15% to 3.18% and the 5-year adjustable-rate mortgage (ARM) rate increased from 3.35% to 3.4%.

“The outlook for a favorable resolution to the trade dispute between the U.S. and China is still unclear, introducing some volatility into financial markets and the benchmark 10-year Treasury yield,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates are following suit but are at near historic lows, while mortgage applications to purchase a home remain higher year over year.”

When compared to the same period of 2018 rates look favourable with the average 30-year FRM at 4.86% a year ago, the 15-year FRM rate at 4.29%, and the 5-year ARM rate at 4.14%.

Recent data from the Mortgage Bankers Association revealed an 11.9% decrease in mortgage applications with refinance activity down 17% for the week ending October 18 from the previous week.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?