Mortgage rates increased 7 basis points to their highest level since late June, the largest one-week gain in more than six months, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.54% for the week ending Nov. 3,
"A jump last week in the PCE (personal consumption expenditures) — the price index tracked most closely by the Fed — raised the prospect that inflation might not be completely dead after all. Investors reacted by driving the yield on the 10-year Treasury to its highest point since June," said Sean Becketti, chief economist at Freddie Mac.
The 15-year fixed-rate mortgage averaged 2.84%, up from last week when it averaged 2.78%. A year ago at this time, the 15-year averaged 3.09%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.87%, up from last week when it averaged 2.84%, while a year ago it averaged 2.96%.
