Mortgage Rates Hit Seven-Year High Point

Nov 08, 2018

It was up-up-and-away for mortgage rates in Freddie Mac’s latest Primary Mortgage Market Survey (PMMS).

The 30-year fixed-rate mortgage (FRM) hit a seven-year peak when it averaged 4.94 percent for the week ending Nov. 8, 2018, up from last week when it averaged 4.83 percent. The 15-year FRM averaged 4.33 percent, up from last week when it averaged 4.23 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.14 percent, up from last week when it averaged 4.04 percent.

Sam Khater, Freddie Mac’s Chief Economist, noted that while higher mortgage rates impacted a slowing in national home price growth, “the price deceleration has been primarily concentrated in affluent coastal markets such as California and the state of Washington. The more affordable interior markets—which have not yet experienced a slowdown home price growth— may see price growth start to moderate and affordability squeezed if mortgage rates continue to march higher.”

As mortgage rates increased, so did the delinquency rate for loans on one- to four-unit residential properties. The Mortgage Bankers Association (MBA) reported the third quarter delinquency rate was up to 4.47 percent from the second quarter to the third quarter. However, the percentage of loans on which foreclosure actions were started dropped one basis point from the last quarter to 0.23 percent, the lowest level since the fourth quarter of 1985.

“Despite the small uptick this quarter, the healthy economy is overall supporting low mortgage delinquencies and foreclosure inventories,” said Marina Walsh, Vice President of Industry Analysis at MBA. “Unemployment is at its lowest level since 1969, wages have grown 3.1 percent year-over-year–the biggest jump in almost a decade–and job growth is averaging over 212,000 jobs per month thus far.”

About the author

Phil Hall

Link copied

Published

Nov 08, 2018

Industry News

Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Commercial and multifamily mortgage debt outstanding surpassed $5 trillion for the first time during the first quarter of 2026, according to new data from the Mortgage Bankers Association (MBA).MBA's latest Commercial/Multifamily Mortgage Debt Outstanding report found total ...

Tech

Blue Sage Expands SageVision, UW Studio, Voice AI Capabilities

Latest updates bring embedded AI automation to lending and servicing workflows

Blue Sage Solutions has expanded its artificial intelligence platform with new automation capabilities for document analysis, underwriting workflows, and mortgage servicing operations.The mortgage technology provider announced enhancements across three core components of its...

Oct

Denver, CO

More from

Industry News

Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Industry News

Jun 18, 2026

Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Industry News

Jun 18, 2026

Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Industry News

Jun 17, 2026

Florida Pending Sales Signal Strong Summer Housing Market

Closed sales rise for a ninth straight month as inventory gives buyers more negotiating power