United States mortgage activity rises to highest since December: MBA
The rate for 15-year loans rose to 3.42 percent, up from 3.32 percent, Bloomberg reported.
"The 10-year Treasury yield rose about 10 basis points this week", says Sean Becketti, chief economist for Freddie Mac.
The average rate for 30-year fixed-rate mortgages was 4.36% in the most recent week, MBA reported, while the average 5/1 ARM rate was almost a full percentage point lower, at 3.48%. However, in early Friday trading, the bond market was calm, with yields holding mostly steady.
That share was a more manageable 7.7% last week, and the 27-year history has the ARM share at 13.9%.
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Going forward, Becketti predicted mortgage rates next week will move based on the strength of today's employment report and next week's Federal Reserve meeting.
Bankrate.com's weekly mortgage rate index that tracks borrowing trends reports that 90 percent of experts surveyed expect rates will climb even higher in the coming days.
US mortgage rates rose, sending costs for 30-year home loans to their highest level this year before the Federal Reserve meets to consider an increase in its benchmark interest rate. Points remained at 0.36 for 80% LTV loans, and the effective rate increased from last week. That's nearly $100 a month more than last July, when the average rate was 3.4 percent.
Likewise, the 15-year FRM increased to 3.42%, up from 3.32% last week and 2.96% last year. The 10-year U.S. Treasury, which closely mirrors mortgage rates, even slipped a bit lower this morning, after rising for the past seven consecutive days. A year ago, the 5-year ARM averaged 2.92 percent.
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Mar 11 2017