According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the average U.S. mortgage rate rose for the first time in five weeks in late April 2017.
Sean Becketti, chief economist at Freddie Mac said, "The 10-year Treasury yield rose about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields, rising 6 basis points to 4.03 percent. Despite recent swings in mortgage rates, the housing market continues to show signs of strength -- both existing and new home sales in March exceeded expectations, and the Case-Shiller Home Price Index posted another solid gain."
Freddie Mac News Facts:
30-year fixed-rate mortgage (FRM) averaged 4.03 percent with an average 0.5 point for the week ending April 27, 2017, up from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.
15-year FRM this week averaged 3.27 percent with an average 0.4 point, up from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 2.89 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent this week with an average 0.4 point, up from last week when it averaged 3.10 percent. A year ago, the 5-year ARM averaged 2.86 percent.
The NAHB is reporting this week that U.S. home builder confidence in the market for newly-built single-family homes jumped six points to a level of 71 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
Excessive regulations, rising mortgage interest rates and ongoing home price appreciation pushed housing affordability in the fourth quarter of 2016 to its lowest point since the third quarter of 2008.