Mortgage Rates Up Again
The 30-year fixed mortgage rate increased for the seventh consecutive week, according to new data from Freddie Mac.
The 30-year fixed-rate mortgage (FRM) averaged 4.40 percent for the week ending Feb. 22, up from last week when it averaged 4.38 percent. A year ago at this time, the 30-year FRM averaged 4.16 percent. The 15-year FRM this week averaged 3.85 percent, up from last week when it averaged 3.84 percent. A year ago at this time, the 15-year FRM averaged 3.37 percent.
And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.65 percent this week, up from last week when it averaged 3.63. A year ago at this time, the five-year ARM averaged 3.16 percent.
“Fixed mortgage rates increased for the seventh consecutive week, with the 30-year fixed mortgage rate reaching 4.40 percent in this week's survey—the highest since April of 2014,” said Len Kiefer, Deputy Chief Economist at Freddie Mac. “Mortgage rates have followed U.S. Treasuries higher in anticipation of higher rates of inflation and further monetary tightening by the Federal Reserve. Following the close of our survey, the release of the FOMC minutes for Feb. 21 sent the 10-year Treasury above 2.9 percent. If those increases stick, we will likely see mortgage rates continue to trend higher.”