According to Freddie Mac's most recent Primary Mortgage Market Survey, the 30-year fixed mortgage rate in the U.S. increased for the seventh-consecutive week in 2018.
Len Kiefer, Deputy Chief Economist at Freddie Mac said, "Fixed mortgage rates increased for the seventh consecutive week, with the 30-year fixed mortgage rate reaching 4.40 percent in this week's survey; the highest since April of 2014. Mortgage rates have followed U.S. Treasury's higher in anticipation of higher rates of inflation and further monetary tightening by the Federal Reserve. Following the close of our survey, the release of the FOMC minutes for February 21, 2018 sent the 10-year Treasury above 2.9 percent. If those increases stick, we will likely see mortgage rates continue to trend higher."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.40 percent with an average 0.5 point for the week ending February 22, 2018, up from last week when it averaged 4.38 percent. A year ago at this time, the 30-year FRM averaged 4.16 percent.
15-year FRM this week averaged 3.85 percent with an average 0.5 point, up from last week when it averaged 3.84 percent. A year ago at this time, the 15-year FRM averaged 3.37 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.65 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 3.16 percent.
U.S. mortgage applications for new home purchases increased 8.2 percent compared to September 2017. Compared to August 2018, applications decreased by 9 percent. This change does not include any adjustment for typical seasonal patterns.
According to the Mortgage Bankers Association's most recent Weekly Mortgage Applications Survey for the week ending September 28, 2018, U.S. mortgage applications remained unchanged from one week earlier.
According to the recently released CBRE U.S. Seniors Housing & Care Investor Survey, the appetite for senior housing acquisitions in the U.S. remains strong, with nearly two-thirds of investors planning to increase the size of their portfolios over the next 12 months.