According to Freddie Mac's latest Primary Mortgage Market Survey for the last week of February 2017, the average 30-year fixed mortgage rate in the U.S. changed by two basis points for the fourth consecutive week.
Sean Becketti, chief economist of Freddie Mac, "In a short week following Presidents Day, the 10-year Treasury yield fell about 8 basis points. However, the 30-year mortgage rate rose 1 basis point to 4.16 percent. This week's survey once again displays the disconnect between mortgage rates and Treasury yields, a result of continued uncertainty."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.16 percent with an average 0.5 point for the week ending Feb. 23, 2017, up from last week when it averaged 4.15 percent. A year ago at this time, the 30-year FRM averaged 3.62 percent.
15-year FRM this week averaged 3.37 percent with an average 0.5 point, up from last week when it averaged 3.35 percent. A year ago at this time, the 15-year FRM averaged 2.93 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.16 percent this week with an average 0.4 point, down from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 2.79 percent.
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.
The delinquency rate for mortgage loans on one-to-four-unit U.S. residential properties increased to a seasonally adjusted rate of 4.80 percent of all loans outstanding at the end of the fourth quarter of 2016.
According to Freddie Mac's latest Primary Mortgage Market Survey, the average 30-year mortgage rate held steady after rising last week. The 10-year Treasury yield fell 5 basis points this week following a tepid advance estimate of fourth-quarter GDP.