Freddie Mac’s most recent Primary Mortgage Market Survey shows the 30-year fixed mortgage rate hitting its highest mark since December 2016.
“The U.S. weekly average 30-year fixed mortgage rate rocketed up 10 basis points to 4.32 percent this week,” says Len Kiefer, Freddie Mac’s deputy chief economist. “Following a turbulent Monday, financial markets settled down with the 10-year Treasury yield resuming its upward march. Mortgage rates have followed. The 30-year fixed mortgage rate is up 33 basis points since the start of the year. Will higher rates break housing market momentum? It’s too early to tell for sure, but initial readings indicate housing markets are sustaining their momentum so far. The Mortgage Bankers Association reported that purchase applications are up 8 percent from a year ago in their latest Weekly Mortgage Applications Survey.”
Here is a look at Freddie Mac’s survey findings for the week ending Feb. 8:
• The 30-year fixed-rate mortgage averaged 4.32 percent, with an average 0.6 point, up from the previous week when it averaged 4.22 percent. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.17 percent.
• The 15-year fixed-rate mortgage averaged 3.77 percent, with an average 0.5 point, up from the previous week when it averaged 3.68 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.39 percent.
• The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.57 percent, with an average 0.4 point, up from the previous week when it averaged 3.53 percent. A year ago, the five-year adjustable-rate mortgage averaged 3.33 percent.
