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The 30-year fixed mortgage rate climbed for the eighth consecutive week, according to new data from Freddie Mac.
The 30-year fixed-rate mortgage (FRM) averaged 4.43 percent for the week ending March 1, 2018, up from last week when it averaged 4.40 percent. The 15-year FRM this week averaged 3.90 percent, up from last week when it averaged 3.85 percent. However, the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.62 percent this week, down slightly from last week when it averaged 3.65.
Freddie Mac Deputy Chief Economist Len Kiefer noted that the 30-year rate has climbed 48 points since the beginning of 2018, and he was confident that rising rates would not slow the progress of the housing market.
“Historically, when mortgage rates surge, housing swoons,” Kiefer said. “But we think strength in the economy and pent up housing demand should allow U.S. housing markets to post modest growth this year even with higher mortgage rates. We really have to wait for housing markets to heat up in spring, but early indications are that housing demand remains robust to these rate increases. The MBA reported in their latest weekly applications survey that home purchase mortgage originations were up three percent from a year ago.”
