Average 30-year fixed mortgage rates reached their highest mark for the year to date, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending March 9.
The 30-year fixed-rate mortgage (FRM) averaged 4.21 percent, up from last week when it averaged 4.10 percent, while the 15-year FRM this week averaged 3.42 percent, up from last week when it averaged 3.32 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23 percent this week, up from last week when it averaged 3.14 percent. A year ago, the five-year ARM averaged 2.92 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
“The 10-year Treasury yield rose about 10 basis points this week,” said Sean Becketti, chief economist at Freddie Mac. “For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent. The strength of Friday's employment report and the outcome of next week's FOMC meeting are likely to set the direction of next week's survey rate.”