Mortgage Rates Take Another Upswing
March 16, 2017
Average mortgage rates were up for the second consecutive week, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending March 16.
The 30-year fixed-rate mortgage (FRM) averaged 4.30 percent, up from last week when it averaged 4.21 percent, while the 15-year FRM this week averaged 3.50 percent, up from last week when it averaged 3.42 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28 percent this week, up from last week when it averaged 3.23 percent.
Sean Becketti, chief economist at Freddie Mac, predicted that a combination of “increasing inflation, continued gains in the labor market and the Fed's intentions for further rate increases … will keep pushing mortgage rates up this year.”
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