Skip to main content

Mortgage Rates Hit Seven-Year High Point

Phil Hall
Nov 08, 2018
It was up-up-and-away for mortgage rates in Freddie Mac’s latest Primary Mortgage Market Survey (PMMS)

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

 
Published
Nov 08, 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