The FINANCIAL -- Freddie Mac on February 14 released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed mortgage rate reaching its highest level since April 2014.
30-year fixed-rate mortgage (FRM) averaged 4.38 percent with an average 0.6 point for the week ending February 15, 2018, up from last week when it averaged 4.32 percent. A year ago at this time, the 30-year FRM averaged 4.15 percent.
15-year FRM this week averaged 3.84 percent with an average 0.5 point, up from last week when it averaged 3.77 percent. A year ago at this time, the 15-year FRM averaged 3.35 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.63 percent this week with an average 0.4 point, up from last week when it averaged 3.57. A year ago at this time, the 5-year ARM averaged 3.18 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.
"Wednesday's Consumer Price Index report showed higher-than-expected inflation; headline consumer price inflation was 2.1 percent year-over-year in January two tenths of a percentage point higher than the consensus forecast. Inflation measures were broad-based, cementing expectations that the Federal Reserve will go forward with monetary tightening later this year. Following this news, the 10-year Treasury reached its highest level since January 2014, climbing above 2.90 percent. Mortgage rates have also surged. After jumping 10 basis points last week, the 30-year fixed-rate mortgage rose 6 basis points to 4.38 percent, its highest level since April 2014."