The average rate on fixed-rate mortgages shot up this week, according to a Freddie Mac survey released Thursday.
The 30-year, fixed-rate mortgage averaged 6.46% nationally in the week ended Oct. 16, up more than half a percentage point from the previous week's 5.94%. This was the largest weekly increase since the week ended April 17, 1987, when the rate went up 0.84 percentage point, Freddie said. The mortgage averaged 6.40% a year ago.
The average rate on 15-year, fixed-rate mortgages also shot up, to 6.14% this week from the previous week's 5.63%. The product averaged 6.08% a year earlier.
Five-year, Treasury-indexed hybrid adjustable-rate mortgages also rose, averaging 6.14% this week, up from the previous week's 5.90%. This ARM product averaged 6.11% a year earlier.
Meanwhile, one-year, Treasury-indexed ARMs barely moved, averaging 5.16% this week, up from the previous week's 5.15%. The product averaged 5.76% a year earlier.