According to Freddie Mac's latest Primary Mortgage Market Survey, the average 30-year fixed mortgage rate in the U.S. hit their highest mark of 2017.
Sean Becketti, chief economist at Freddie Mac says, "The 10-year Treasury yield rose about 10 basis points this week. For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent. The strength of Friday's employment report and the outcome of next week's FOMC meeting are likely to set the direction of next week's survey rate."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.21 percent with an average 0.5 point for the week ending March 9, 2017, up from last week when it averaged 4.10 percent. A year ago at this time, the 30-year FRM averaged 3.68 percent.
15-year FRM this week averaged 3.42 percent with an average 0.5 point, up from last week when it averaged 3.32 percent. A year ago at this time, the 15-year FRM averaged 2.96 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23 percent this week with an average 0.4 point, up from last week when it averaged 3.14 percent. A year ago, the 5-year ARM averaged 2.92 percent.
According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending September 8, 2017, U.S. mortgage applications increased 9.9 percent from one week earlier. This week's results included an adjustment for the Labor Day holiday.
According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI) released this week, rising U.S. home prices offset a quarter-point drop in mortgage interest rates to move housing affordability slightly lower in the second quarter of 2017.