Mortgage Rates Are Up Again

The 30-year fixed mortgage rate hit its highest level since December 2016 in Freddie Mac’s latest Primary Mortgage Market Survey (PMMS).

 

The 30-year fixed-rate mortgage (FRM) averaged 4.32 percent for the week ending Feb. 8, up from last week when it averaged 4.22 percent. The 15-year FRM this week averaged 3.77 percent, up from last week when it averaged 3.68 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.57 percent this week, up from last week when it averaged 3.53.

 

“The U.S. weekly average 30-year fixed mortgage rate rocketed up 10 basis points to 4.32 percent this week,” said Len Kiefer, Freddie Mac’s Deputy Chief Economist. “Following a turbulent Monday, financial markets settled down with the 10-year Treasury yield resuming its upward march. Mortgage rates have followed. The 30-year fixed mortgage rate is up 33 basis points since the start of the year. Will higher rates break housing market momentum? It's too early to tell for sure, but initial readings indicate housing markets are sustaining their momentum so far.”

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