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Mortgage Interest Rates Reach Highest Level Since April 2014

Feb 16, 2018 11:13:01 AM

Average U.S. mortgage interest rates increased for the sixth consecutive week for the week ending February 15, 2018, to the highest level since April 2014, according to Freddie Mac's weekly Primary Mortgage Market Survey. 

Average Mortgage Interest Rates Hit Highest Level Since April 2014 for the week ending February 15, 2018. The 30-year, fixed rate mortgage loan averaged 4.38 percent, with an average 0.6 point, compared to 4.32 percent the previous week and 4.15 percent during the same week in 2017. The 30-year loan averaged 3.95 percent for the week ending January 4, 2018. 

"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,"Len Kiefer, Freddie Mac's Deputy Chief Economist, said. "Inflation measures were broad-based, cementing expectations that the Federal Reserve will go forward with monetary tightening later this year. Following this news, the 10-year Treasury reached its highest level since January 2014, climbing above 2.90 percent. Mortgage rates have also surged. After jumping 10 basis points last week, the 30-year fixed-rate mortgage rose 6 basis points to 4.38 percent, its highest level since April 2014."

The 15-year, fixed rate mortgage increased seven basis points to 3.84 percent, with an average 0.5 point. A year ago, the 15-year note averaged 3.35 percent. 

The five-year, adjustable rate mortgage averaged 3.63 percent, with an average 0.4 point, up from 3.57 percent the previous week and 3.18 percent the previous year.

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Topics: Mortgage Rates & News


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