Home Loan Rates Post First Decline of 2018

Following nine consecutive weeks of increases, borrowers finally got some relief this week with mortgage rates. The 30-year fixed-rate mortgage posted its first week-over-week decrease of 2018.

“Tuesday’s Consumer Price Index report indicated inflation may be cooling down; headline consumer price inflation was 2.2 percent year over year in February,” says Len Kiefer, Freddie Mac’s deputy chief economist. “Following this news, the 10-year Treasury fell slightly. Mortgage rates followed.”

Freddie Mac reported the following national averages for the week ending March 15:

  • 30-year fixed-rate mortgages: averaged 4.44 percent, with an average 0.5 point, dropping from last week’s 4.46 percent average. Last year at this time, 30-year rates averaged 4.30 percent.
  • 15-year fixed-rate mortgages: averaged 3.90 percent, with an average 0.5 point, dropping from last week’s 3.94 percent average. A year ago, 15-year rates averaged 3.50 percent.

Source: Freddie Mac

Home Loan Interest Rates Just Got Higher

“Optimistic testimony on Capitol Hill from Federal Reserve Chairman Jerome Powell sent Treasury yields higher as Powell stated his outlook for the economy has strengthened since December,” says Len Kiefer, Freddie Mac’s deputy chief economist.

“We think strength in the economy and pent-up housing demand should allow U.S. housing markets to post modest growth this year even with higher mortgage rates,” Kiefer says.

Freddie Mac reports the following national averages for the week ending March 1:

  • 30-year fixed-rate mortgages: averaged 4.43 percent, with an average 0.5 point, rising from last week’s 4.40 percent average. Last year at this time, 30-year rates averaged 4.10 percent.
  • 15-year fixed-rate mortgages: averaged 3.90 percent, with an average 0.5 point, rising from last week’s 3.85 percent average. A year ago, 15-year rates averaged 3.32 percent.

Source: Freddie Mac

Mortgage Rates Still Climbing, Not Fading!

The 30-year fixed-rate mortgage shows little signs of stopping its gradual move upwards week to week. This marks the seventh consecutive week for higher mortgage rates, the highest since April of 2014, and rates continue to be at a four-year high.

“Mortgage rates have followed U.S. Treasury’s higher in anticipation of higher rates of inflation and further monetary tightening by the Federal Reserve. Following the close of our survey, the release of the [Federal Open Market Committee] minutes for February 21, 2018, sent the 10-year Treasury above 2.9 percent. If those increases stick, we will likely see mortgage rates continue to trend higher.” says Len Kiefer, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for the week ending Feb. 22:

  • 30-year fixed-rate mortgages: averaged 4.40 percent, with an average 0.5 point, rising from last week’s 4.38 percent average. Last year at this time, 30-year rates averaged 4.16 percent.
  • 15-year fixed-rate mortgages: averaged 3.85 percent, with an average 0.5 point, increasing from last week’s 3.84 percent average. A year ago, 15-year rates averaged 3.37 percent.

Source: Freddie Mac

Climbing Mortgage Rates at 4-Year High

Mortgage rates continued to inch higher this week, marking the sixth consecutive week for borrowing cost increases for home shoppers.

“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,” explains Len Kiefer, Freddie Mac’s deputy chief economist.

Freddie Mac reports the following national averages for the week ending Feb. 15:

  • 30-year fixed-rate mortgages: averaged 4.38 percent with an average 0.6 point, rising from last week’s 4.32 percent average. Last year at this time, 30-year rates averaged 4.15 percent.
  • 15-year fixed-rate mortgages: averaged 3.84 percent, with an average 0.5 point, increasing from last week’s 3.77 percent average. A year ago, 15-year rates averaged 3.35 percent.

Source: Freddie Mac

Have We Seen the Last of 3% Mortgage Rates?

Average interest rates rose for the second consecutive week for the first time since last summer, the 30-year fixed-rate mortgage shot above 4 percent, Freddie Mac reports in its weekly survey.

“This is the highest weekly average for the 30-year fixed-rate mortgage since May of 2017,” says Len Kiefer, Freddie Mac’s deputy chief economist. “Inflation is firming, the Federal Reserve’s Beige Book indicates broad-based economic growth, and labor markets are tightening. This means upward pressure on long-term rates, like the 30-year fixed-rate mortgage, is building.”

Freddie Mac reports the following national averages for the week ending Jan. 18:

  • 30-year fixed-rate mortgages: averaged 4.04 percent, with an average 0.6 point, up from last week’s 3.99 percent average. Last year at this time, 30-year rates averaged 4.09 percent.
  • 15-year fixed-rate mortgages: averaged 3.49 percent, with an average 0.5 point, increasing from last week’s 3.44 percent average. A year ago, 15-year rates averaged 3.34 percent.

Source: Freddie Mac

Mortgage Rates Ring in New Year With a Dip

Borrowers kicked off 2018 with a mortgage rate drop.  The 30-year fixed-rate mortgage is now down a quarter of a percentage point from a year ago.

“The 30-year fixed-rate mortgage fell four basis points from a week ago to 3.95 percent in the year’s first survey. Despite increases in short-term interest rates, long-term interest rates remain subdued.”  says Len Kiefer, Freddie Mac’s deputy chief economist.

Freddie Mac reports the following national averages for the week ending Jan. 4:

  • 30-year fixed-rate mortgages: averaged 3.95 percent, with an average 0.5 point, dropping from last week’s 3.99 percent average. Last year at this time, 30-year rates averaged 4.20 percent.
  • 15-year fixed-rate mortgages: averaged 3.38 percent, with an average 0.5 point, dropping from last week’s 3.44 percent average. A year ago, 15-year ARMs averaged 3.44 percent.

Source: Freddie Mac

Home Loan Interest Rates Up Slightly This Week

“Thirty-year fixed mortgage rates have been bouncing around in a narrow 10 basis points range since October,” says Len Kiefer, Freddie Mac’s chief economist. “The U.S. average 30-year fixed mortgage rate increased 1 basis point to 3.94 percent in this week’s survey. The majority of our survey was completed prior to the surge in long-term interest rates that followed the passage of the tax bill. If those rate increases stick, we’ll likely see higher mortgage rates in next week’s survey.”

Freddie Mac reports the following national averages for the week ending Dec. 21:

  • 30-year fixed-rate mortgages: averaged 3.94 percent, with an average 0.5 point, rising from last week’s 3.93 percent average. Last year at this time, 30-year-rates averaged 4.30 percent.
  • 15-year fixed-rate mortgages: averaged 3.38 percent, with an average 0.5 point, increasing from last week’s 3.36 percent average. A year ago, 15-year rates averaged 3.52 percent.

Source: Freddie Mac

Despite Fed Move, Mortgage Rates Hold Steady

Great News!  Mortgage rates were in a holding pattern this week, even after the Federal Reserve voted Wednesday to hike its benchmark interest rate.

“As widely expected, the Fed increased the federal funds target rate this week for the third time in 2017,” says Len Kiefer, Freddie Mac’s deputy chief economist. “The market had already priced in the rate hike, so long-term interest rates—including mortgage rates—hardly moved.”

Freddie Mac reports the following national averages for the week ending Dec. 14:

  • 30-year fixed-rate mortgages: averaged 3.93 percent, with an average 0.5 point, dropping from last week’s 3.94 percent average. Last year at this time, 30-year rates averaged 4.16 percent.
  • 15-year fixed-rate mortgages: averaged 3.36 percent, with an average 0.5 point, the same as last week. A year ago, 15-year rates averaged 3.37 percent.

Source: Freddie Mac

Mortgage Interest Rates Climb This Week

Rates are increasing, but home buyers can still snag an interest rate that is lower than a year ago.

“The 30-year mortgage rate has been bouncing around in a 10 basis point range since September. While long-term rates have been relatively steady week-to-week, shorter term interest rates have been on the rise. The spread between the 30-year fixed mortgage and the 5/1 Hybrid ARM rate was 59 basis points this week, down 43 basis points from earlier this year. With a narrower spread between fixed and adjustable mortgage rates, more borrowers are opting for a fixed product.” says Len Kiefer, Freddie Mac’s deputy chief economist.

Freddie Mac reports the following national averages for the week ending Dec. 7:

  • 30-year fixed-rate mortgages: averaged 3.94 percent, with an average 0.5 point, increasing from last week’s 3.90 percent average. Last year at this time, 30-year rates averaged 4.13 percent.
  • 15-year fixed-rate mortgages: averaged 3.36 percent, with an average 0.5 point, increasing from last week’s 3.30 percent average. A year ago, 15-year rates averaged 3.36 percent.

Source: Freddie Mac

Home Loan Rates Sink Lower This Week

The 30-year fixed-rate mortgage is averaging lower than it did a year ago, and remains well below the 4 percent threshold this week.

“The market implied probability of a Fed rate hike in December neared 100 percent, helping to drive short term interest rates higher,” says Len Kiefer, Freddie Mac’s deputy chief economist.

Freddie Mac reports the following national averages for the week ending Nov. 30:

  • 30-year fixed-rate mortgages: averaged 3.90 percent, with an average 0.5 point, decreasing from last week’s 3.92 percent average. Last year at this time, the 30-year fixed-rate mortgage averaged 4.08 percent.
  • 15-year fixed-rate mortgages: averaged 3.30 percent, with an average 0.5, down from last week’s 3.32 percent. A year ago, 15-year rates averaged 3.34 percent.

Source: Freddie Mac