Mortgage rates edge over 3% mark, first time in three months

• "Mortgage rates rose across all loan types this week as the 10-year U.S. Treasury yield reached its highest point since June," Chief Economist Sam Khater commented.
• 30-year fixed-rate mortgage averaged 3.01% for the week ending Sep 30, up from 2.88% in prior week and above from 2.88% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey.
• Many factors led to this increase, including the Federal Reserve communicating that it will taper its support of the capital markets, the broadening of inflation and emerging energy supply shortages which compound other labor and materials shortages.
• 15-year FRM averages 2.28% up from last week when it averaged 2.15% and down from 2.36% a year ago.
• 5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.48%, up from 2.43% in prior week, and lower from 2.90% a year ago.
• "We expect mortgage rates to continue to rise modestly which will likely have an impact on home prices, causing them to moderate slightly after increasing over the last year," Khater added.
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