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U.S. Mortgage Interest Rates Hit 2017 High

Mar 13, 2017 10:50:07 AM

Average U.S. mortgage loan interest rates increased to the highest average rate since the start of the year, according to Freddie Mac's weekly Primary Mortgage Market Survey for the week ending March 9, 2017. 

U.S. Home Loan Interest Rates Averaged 4.21 Percent for the Week Ending March 9, 2017The 30-year, fixed rate mortgage loan averaged 4.21 percent, with an average 0.5 point, an increase from 4.10 percent for the week ending March 2, 2017. The 30-year note averaged 3.68 percent during the same week last year.

"The 10-year Treasury yield rose about 10 basis points this week," Freddie Mac chief economist Sean Becketti said. "For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent. The strength of Friday's employment report and the outcome of next week's FOMC [Federal Open Market Committee] meeting are likely to set the direction of next week's survey rate." Translation: Average interest rates are expected to increase this week too.

The 15-year, fixed rate mortgage averaged 3.42 percent, with an average 0.5 point. The 15-year home loan averaged 3.32 percent the previous week and 2.96 percent the previous year. 

The 5-year, adjustable rate mortgage averaged 3.23 percent for the week ending March 9, 2017, with an average 0.4 point, an increase from 3.14 percent from the previous week and 2.92 percent during the same period last year.

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Topics: Mortgage Rates & News

    

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