The FINANCIAL -- Freddie Mac on March 16 released the results of its Primary Mortgage Market Survey (PMMS), showing average mortgage rates rising for the second consecutive week.
30-year fixed-rate mortgage (FRM) averaged 4.30 percent with an average 0.5 point for the week ending March 16, 2017, up from last week when it averaged 4.21 percent. A year ago at this time, the 30-year FRM averaged 3.73 percent.
15-year FRM this week averaged 3.50 percent with an average 0.5 point, up from last week when it averaged 3.42 percent. A year ago at this time, the 15-year FRM averaged 2.99 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28 percent this week with an average 0.4 point, up from last week when it averaged 3.23 percent. A year ago, the 5-year ARM averaged 2.93 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.
"As expected, the FOMC announced its first rate hike of 2017 and hinted at additional increases throughout the remainder of the year. Although our survey was conducted prior to the Fed's decision, the release of the February jobs report all but guaranteed a rate hike and boosted the 30-year mortgage rate 9 basis points to 4.30 percent this week. Increasing inflation, continued gains in the labor market and the Fed's intentions for further rate increases -- all three will keep pushing mortgage rates up this year."