The FINANCIAL -- Freddie Mac on February 1 released the results of its Primary Mortgage Market Survey (PMMS), showing average mortgage rates continuing their upward trend in 2018.
30-year fixed-rate mortgage (FRM) averaged 4.22 percent with an average 0.5 point for the week ending February 1, 2018, up from last week when it averaged 4.15 percent. A year ago at this time, the 30-year FRM averaged 4.19 percent.
15-year FRM this week averaged 3.68 percent with an average 0.5 point, up from last week when it averaged 3.62 percent. A year ago at this time, the 15-year FRM averaged 3.41 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.53 percent this week with an average 0.4 point, up from last week when it averaged 3.52. A year ago at this time, the 5-year ARM averaged 3.23 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Attributed to Len Kiefer, Deputy Chief Economist.
"The Federal Reserve did not hike rates this week, but the market views future hikes as a near certainty. The expectation of future Fed rate hikes and increased borrowing by the U.S. Treasury is putting upward pressure on interest rates. The 30-year fixed rate mortgage is up over a quarter of a percentage point (27 basis points) from the first week of the year. 30-year fixed mortgage rates have increased for four consecutive weeks and are now slightly above where they were last year at this time."