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Hurry Up, Because U.S. Mortgage Rates Are Spiking

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Mortgage rates or interest rates on home loans increased for the third week in a row, according to mortgage provider Freddie Mac.

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 4.15 percent for the week ending January 25, 2018, up from last week's 4.04 percent. A year ago at this time, the average rate was 4.19 percent.

The 15-year FRM this week averaged 3.62 percent, up from 3.49 percent last week. A year ago at this time, the 15-year FRM averaged 3.40 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.52 percent, up from last week's 3.46 percent. It was 3.20 percent a year ago.

"Rates keep climbing. The 10-year Treasury yield reached its highest point since 2014 reflecting expectations of broad-based economic growth. Mortgage rates, in turn, followed the surge in Treasury yields. The 30-year fixed rate mortgage jumped 11 basis points to 4.15 percent, its highest level since March of last year," said Len Kiefer, Deputy Chief Economist.

by RTTNews Staff Writer

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