Mortgage Rates Rise to Near Pre-Brexit Levels

Rates for the 30-year conforming fixed-rate mortgage rose above 3.5% for the first-time since before the Brexit vote, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 3.52% for the week ending Oct. 20, up from last week when it averaged 3.47%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.79%.

"The 30-year fixed-rate mortgage moved a solid 5 basis points while the 10-year Treasury yield remained relatively flat. This month, mortgage rates seem to be catching up to Treasury yields and returning to pre-Brexit levels," said Sean Becketti, chief economist at Freddie Mac.

The last time the conforming 30-year FRM was over 3.5% was for the week of June 23, before the Brexit vote took place, when it averaged 3.56%.

The 15-year fixed-rate mortgage averaged 2.79%, up from last week when it averaged 2.76%. A year ago at this time, the 15-year averaged 2.98%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.85%, up from last week when it averaged 2.82%, while a year ago it averaged 2.89%.