Mortgage Rates Jump Again
Fixed-rate mortgages increased again this week, the third consecutive week to see a rise.
“Rates keep climbing,” Freddie Mac’s chief economist. 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. Mortgage rates, in turn, followed the surge in Treasury yields. The 30-year fixed rate mortgage jumped 11 basis points to 4.15 percent, its highest level since March of last year.”
'The release of the December existing home sales data confirms that 2017 was the best year for home sales in over a decade. Will 2018 home sales outpace 2017? Homebuyer affordability will be a challenge, with mortgage rates moving higher and robust house price gains across the country. The FHFA reported that house prices increased 6.5 percent from November 2016 to November 2017, with all regions showing positive 12-month changes.'
Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 25:
- 30-year fixed-rate mortgages: averaged 4.15 percent, with an average 0.5 point, increasing from last week’s 4.04 percent average. Last year at this time, 30-year rates averaged 4.19 percent.
- 15-year fixed-rate mortgages: averaged 3.62 percent, with an average 0.5 point, increasing from last week’s 3.49 percent average. A year ago, 15-year rates averaged 3.40 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.52 percent, with an average 0.4 point, increasing over last week’s 3.46 percent average. A year ago, 5-year ARMs averaged 3.20 percent.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers
Source: Freddie Mac
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