According to Freddie Mac, the rate of 30 year mortgages in the United States is now 3.95% on average. The 15 year mortgage rate remains the same at 3.18%.
The federal funds rate is expected to be raised in December for the first time this decade. Fed officials have indicated this increase is necessary due to the 5% unemployment rate and the fear of rising inflation.
The average fee for a 30-year mortgage increased to 0.7 point from 0.6 point last week. The fee for a 15-year loan was unchanged at 0.6 point.