The FINANCIAL -- Freddie Mac on March 9 released the results of its Primary Mortgage Market Survey (PMMS), showing average 30-year fixed mortgage rates hitting their highest mark of 2017.
30-year fixed-rate mortgage (FRM) averaged 4.21 percent with an average 0.5 point for the week ending March 9, 2017, up from last week when it averaged 4.10 percent. A year ago at this time, the 30-year FRM averaged 3.68 percent.
15-year FRM this week averaged 3.42 percent with an average 0.5 point, up from last week when it averaged 3.32 percent. A year ago at this time, the 15-year FRM averaged 2.96 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23 percent this week with an average 0.4 point, up from last week when it averaged 3.14 percent. A year ago, the 5-year ARM averaged 2.92 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Attributed to Sean Becketti, chief economist, Freddie Mac.
"The 10-year Treasury yield rose about 10 basis points this week. For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent. The strength of Friday's employment report and the outcome of next week's FOMC meeting are likely to set the direction of next week's survey rate."