Mortgage rates are rising still, with the average, 30-year, fixed rate up for the ninth straight week, according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). The 30-year, fixed landed at 4.46 percent this week, up from 4.43 percent the week prior.
“The 10-year Treasury yield has been bouncing around in a narrow 15 basis point range for the last month,” says Len Kiefer, deputy chief economist at Freddie Mac. “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 three basis points to 4.46 percent in this week’s survey, its highest level since January 2014.”
The average 15-year, fixed rate also rose, to 3.94 percent this week from 3.90 percent the week prior. The average five-year, Treasury-indexed hybrid adjustable rate was 3.63 percent this week, up from 3.62 percent the week prior.
According to the National Association of REALTORS® (NAR), existing– and pending home sales dove in January, in part as a result of climbing rates.
In approximately two weeks, the Federal Reserve will announce its decision on the key interest rate, which can affect the cost of a loan, including mortgages. Many anticipate the Fed will raise the rate this month, as well as another two times this year.
Source: Freddie Mac
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