Mortgage rates or interest rates on home loans increased for the ninth 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 4.46 percent for the week ending March 8, 2018, up from last week's 4.43 percent. A year ago at this time, the average rate was 4.21 percent.
The 15-year FRM this week averaged 3.94 percent, up from 3.90 percent last week. A year ago at this time, the 15-year FRM averaged 3.42 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.63 percent, up from last week's 3.62 percent. It was 3.23 percent a year ago.
"The 10-year Treasury yield has been bouncing around in a narrow 15 basis point range for the last month. While the yield on the 10-year Treasury is currently below the high of 2.95 percent reached two weeks ago, mortgage rates are up for the ninth consecutive week. The U.S. weekly average 30-year fixed mortgage rate rose 3 basis points to 4.46 percent in this week's survey, its highest level since January 2014," said Len Kiefer, Deputy Chief Economist.
by RTT Staff Writer
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