A pair of indices utilized to determine rate changes on some adjustable-rate mortgages both moved higher from a week earlier. Fixed mortgage rates, meanwhile, stayed put.
At 3.94 percent, average fixed rates on 30-year mortgages were no different than one week earlier, according to Freddie Mac’s Primary Mortgage Market Survey for the week ended Nov. 2.
But interest rates on residential loans have worsened significantly from the same-seven days a year ago, when Freddie reported average long-term rates at just 3.54 percent.
Source: Mortgage Daily