The FINANCIAL — Freddie Mac on March 8 released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed mortgage rate increasing for the ninth consecutive week.
30-year fixed-rate mortgage (FRM) averaged 4.46 percent with an average 0.5 point for the week ending March 8, 2018, up from last week when it averaged 4.43 percent. A year ago at this time, the 30-year FRM averaged 4.21 percent.
15-year FRM this week averaged 3.94 percent with an average 0.5 point, up from last week when it averaged 3.90 percent. A year ago at this time, the 15-year FRM averaged 3.42 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.63 percent this week with an average 0.4 point, up from last week when it averaged 3.62. A year ago at this time, the 5-year ARM averaged 3.23 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 Len Kiefer, Deputy Chief Economist.
“The 10-year Treasury yield has been bouncing around in a narrow 15 basis point range for the last month. While the yield on the 10-year Treasury is currently below the high of 2.95 percent reached two weeks ago, mortgage rates are up for the ninth consecutive week. The U.S. weekly average 30-year fixed mortgage rate rose 3 basis points to 4.46 percent in this week’s survey, its highest level since January 2014.”