As expected, the FOMC announced its first rate hike of 2017 and hinted at additional increases throughout the remainder of the year. Although our survey was conducted prior to the Fed’s decision, the release of the February jobs report all but guaranteed a rate hike and boosted the 30-year mortgage rate this week. Increasing inflation, continued gains in the labor market and the Fed’s intentions for further rate increases—all three will keep pushing mortgage rates up this year.
Freddie Mac reports the following national averages rates for the week ending March 17:
’30-year fixed-rate mortgage’ (FRM) averaged 4.30 percent with an average 0.5 point for the week ending March 16, 2017, up from last week when it averaged 4.21 percent. A year ago at this time, the 30-year FRM averaged 3.73 percent.
’15-year fixed-rate mortgage’ (FRM) this week averaged 3.50 percent with an average 0.5 point, up from last week when it averaged 3.42 percent. A year ago at this time, the 15-year FRM averaged 2.99 percent.
Source: Freddie Mac