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.
The National Association of Realtors is reporting this week that single female buyers continue to be a powerful force in the U.S. housing market, while low inventory, rising interest rates and increasing home prices remain, holding back first-time buyers despite notable interest in buying a home.