1st Time in 12 Weeks: Mortgage Rates Creep Up

After 11 consecutive weeks of record lows, the 30-year fixed-rate mortgage increased 3 basis points for the week ending Sept. 9 to 4.35% with an average 0.7 point, according to the Freddie Mac Market survey.

Last week’s 4.32% was the lowest rate the survey recorded since its inception in 1971. While the rate this week did increase for the first time in nearly three months, it remains below the 5.07% level seen last year.

The survey of large banks and thrifts reported the average rate for a 30-year FRM at 4.58%, a 5 bps increase from last year.

*Source: Housingwire

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