Mortgage Rates have increase this week, a 3rd consecutive week to show a rise.
According to Len Kiefer, Chief Economist (Freddie Mac) stated, “Rates keep climbing.” 10-Year Treasury yield has reached its highest point since 2014 which reflects a potential economic growth. Mortgage has followed the surge in Treasury yield. The 30-year mortgage rate moved 11 basis points to 4.15 percent. This is the highest since March of 2017. This could create a challenge to home buyers with higher mortgage rates and higher home price.
Freddie Mac national averages with mortgage rates for the week ending Jan. 25:
- 30-year fixed-rate mortgages: averaged 4.15 percent, with an average 0.5 point, increasing from last week’s 4.04 percent average. Last year at this time, 30-year rates averaged 4.19 percent.
- 15-year fixed-rate mortgages: averaged 3.62 percent, with an average 0.5 point, increasing from last week’s 3.49 percent average. A year ago, 15-year rates averaged 3.40 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.52 percent, with an average 0.4 point, increasing over last week’s 3.46 percent average. A year ago, 5-year ARMs averaged 3.20 percent.
Daily Real Estate News | Friday, January 26, 2018 (Source Realtor Magazine/ NAR, Freddie Mac)