Yes, Mortgage Rates Finally Perk Up

Sep 21, 2017

For the first time in seven weeks, Freddie Mac is reporting an increase in the average 30-year fixed mortgage rate.

The 30-year fixed-rate mortgage (FRM) averaged 3.83 percent for the week ending Sept. 21, up from last week when it averaged 3.78 percent. The 15-year FRM this week averaged 3.13 percent, up from last week when it averaged 3.08 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.17 percent this week, up from last week when it averaged 3.13 percent.

Separately, Freddie Mac issued its latest Outlook report, which forecast new home sales to the primary driver of sales in 2018, up two percent from 2017’s levels. Freddie Mac also predicted a gradual increase in housing starts and moderate increases in mortgage rates as a combined force that will reduce house price growth next year. As for refinancing, the Outlook forecast is pointing to the refinance share of the market dropping to 25 percent, its lowest annual share since 1990.

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Phil Hall

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Sep 21, 2017

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