According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed mortgage rate in the U.S. dropped after nine consecutive weeks of increases in late March 2018.
Len Kiefer, Deputy Chief Economist said, "Tuesday's Consumer Price Index report indicated inflation may be cooling down; headline consumer price inflation was 2.2 percent year-over-year in February. Following this news, the 10-year Treasury fell slightly. Mortgage rates followed Treasurys and ended a nine-week surge. The U.S. weekly average 30-year fixed mortgage rate fell 2 basis points to 4.44 percent in this week's survey, its first decline this year."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.44 percent with an average 0.5 point for the week ending March 15, 2018, down from last week when it averaged 4.46 percent. A year ago at this time, the 30-year FRM averaged 4.30 percent.
15-year FRM this week averaged 3.90 percent with an average 0.5 point, down from last week when it averaged 3.94 percent. A year ago at this time, the 15-year FRM averaged 3.50 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.67 percent this week with an average 0.4 point, up from last week when it averaged 3.63. A year ago at this time, the 5-year ARM averaged 3.28 percent.
Based on Freddie Mac's latest Primary Mortgage Market Survey, showing 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.
U.S. builder confidence in the single-family 55+ housing market remained strong in the fourth quarter of 2017 with a reading of 71, up 12 points from the previous quarter. This is the highest reading since the inception of the index in 2008.
Despite steady job creation, record stock market gains and faster economic growth in recent months, new consumer findings surprisingly show that a smaller share of households believe that now is a good time to buy or sell a home.