Mortgage Rates Up Slightly
Mortgage rates took a scant uptick in Freddie Mac’s Primary Mortgage Market Survey (PMMS), offering an anemic bounce back to last week’s rate drop, which was the first for 2018.
The 30-year fixed-rate mortgage (FRM) averaged 4.45 percent for the week ending March 22, up from last week when it averaged 4.44 percent. The 15-year FRM this week averaged 3.91 percent, up from last week when it averaged 3.90 percent. And the FIVE-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.68 percent this week, up from last week when it averaged 3.67.
Separately, the Federal Housing Finance Agency (FHFA) reported a 0.8 percent increase in house prices in January from the previous month. From January 2017 to January 2018, house prices were up 7.3 percent.