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US long-term mortgage rates rise; 30-year at 3.78%

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FILE – In this Oct. 22, 2019, photo a sign stands outside a new home for sale in southeast Denver. On Thursday, Oct. 31, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo/David Zalubowski, File)

WASHINGTON (AP) — U.S. long-term mortgage rates rose this week for the third straight week, while remaining historically low and far below their levels of a year ago.

Mortgage giant Freddie Mac said Thursday the average rate for a 30-year fixed-rate mortgage increased to 3.78% from 3.75% last week. By contrast, the key average rate stood at 4.83% a year ago.

The average rate on a 15-year mortgage ticked up to 3.19% from 3.18% last week.

Lower borrowing rates have helped revive the housing market, which stumbled last year. New home sales jumped 15.5% in September from a year earlier.

Freddie Mac surveys lenders across the country between Monday and Wednesday each week to compile its mortgage rate figures.

The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates.

The average fee on 30-year fixed-rate mortgages was unchanged from last week at 0.5 of a point. The average fee for the 15-year mortgage rose to 0.6 point from 0.5 point.

The average rate for five-year adjustable-rate mortgages increased to 3.43% from 3.4%. The fee rose to 0.4 point from 0.3 point.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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