According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed mortgage rate in the U.S. increasing for the ninth consecutive week.
Len Kiefer, Deputy Chief Economist of Freddie Mac, "The 10-year Treasury yield has been bouncing around in a narrow 15 basis point range for the last month. While the yield on the 10-year Treasury is currently below the high of 2.95 percent reached two weeks ago, mortgage rates are up for the ninth consecutive week. The U.S. weekly average 30-year fixed mortgage rate rose 3 basis points to 4.46 percent in this week's survey, its highest level since January 2014."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.46 percent with an average 0.5 point for the week ending March 8, 2018, up from last week when it averaged 4.43 percent. A year ago at this time, the 30-year FRM averaged 4.21 percent.
15-year FRM this week averaged 3.94 percent with an average 0.5 point, up from last week when it averaged 3.90 percent. A year ago at this time, the 15-year FRM averaged 3.42 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.63 percent this week with an average 0.4 point, up from last week when it averaged 3.62. A year ago at this time, the 5-year ARM averaged 3.23 percent.
According to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending February 16, 2018, mortgage applications in the U.S. decreased 6.6 percent from one week earlier.
U.S. builder confidence in the market for newly-built single-family homes remained unchanged at a healthy 72 level in February 2018 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
According to Realtors, an uptick in existing U.S. home sales in the final three months of 2017 pulled down housing inventory to an all-time low, while keeping home-price growth at its recent robust pace.