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Mortgage rates move in two directions


Longer-term fixed mortgage rates fell over the past week, but shorter-term adjustable rates moved up sharply in anticipation of the Federal Reserve hiking the federal funds rate next month, Freddie Mac reported.

Through Wednesday, the 30-year fixed rate averaged 3.9 percent, down two basis points compared to the prior week, Freddie reported. A year ago, the rate averaged 4.08 percent. The 15-year fixed rate also declined, but five-year hybrid adjustable-rate mortgages rose 10 basis points to 3.32 percent.

"The market implied probability of a Fed rate hike in December neared 100 percent, helping to drive short-term interest rates higher,” said Len Kiefer, Freddie’s deputy chief economist. Kiefer said hybrid ARMs are more sensitive to short-term rates.

“The spread between the 30-year fixed mortgage and 5/1 Hybrid ARM is just 58 basis points this week, the lowest spread since November of 2012," he noted. 


 

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