Skip to main content

Mortgage Rates at Seven-Year High

Phil Hall
Sep 27, 2018
ACES Risk Management (ARMCO) has announced the release of the quarterly ARMCO Mortgage QC Trends Report, providing loan quality findings for mortgages reviewed by ACES Audit Technology during the first quarter (Q1) of 2018

Mortgage rates were up for the fifth consecutive week and reached a level not seen in seven years, according to data from Freddie Mac.
 
The 30-year fixed-rate mortgage (FRM) averaged 4.72 percent with an average for the week ending Sept. 27, up from last week when it averaged 4.65 percent. This is the highest level for the 30-year FRM since April 28, 2011, when it was at 4.78 percent. The 15-year FRM averaged 4.16 percent, up from last week when it averaged 4.11 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.97 percent, up from last week when it averaged 3.92 percent.
 
“The robust economy, rising Treasury yields and the anticipation of more short-term rate hikes caused mortgage rates to move up,” said Sam Khater, Freddie Mac’s Chief Economist. “Even with these higher borrowing costs, it’s encouraging to see that prospective buyers appear to be having a little more success. With inventory constraints and home prices starting to ease, purchase applications have now trended higher on an annual basis for six straight weeks.” 
Mortgage rates were up for the fifth consecutive week and reached a level not seen in seven years, according to data from Freddie Mac
 
Separately, the Federal Housing Finance Agency (FHFA) reported that the average interest rate on all mortgage loans in August was 4.63 percent, up two basis points from 4.61 in July. The average interest rate on conventional, 30-year, fixed-rate mortgages of $453,100 or less was 4.78 percent, up one basis point from 4.77 in July, and the effective interest rate on all mortgage loans was 4.71 percent in August, unchanged from 4.71 in July. The average loan amount for all loans was $318,600 in August, down $3,100 from $321,700 in July.
Separately, the Federal Housing Finance Agency (FHFA) reported that the average interest rate on all mortgage loans in August was 4.63 percen

 
Published
Sep 27, 2018
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021
FOMC Discusses Raising Interest Rates

Inflationary pressures have finally forced the Federal Open Market Committee (FOMC) to discuss raising interest rates and tapering its bond-buying program.

Analysis and Data
Jul 14, 2021
Fathom Holdings Inc. Creates New Hispanic Division

Fathom Holdings Inc., a technology-driven real estate platform, announced the creation of their Hispanic Division to more adequately serve this fast-growing demographic. 

Industry News
Jul 07, 2021