Mortgage rates climbed for the seventh consecutive week, with the 30-year fixed mortgage rate rising to its highest level since April 2014, according to the Primary Mortgage Market Survey released by Freddie Mac.
The 30-year fixed-rate mortgage averaged 4.4%, with an average 0.5 point, for the week ending Feb. 22. The average increased week over week from 4.38% and year over year from 4.16%.
Rates for the 15-year fixed mortgage averaged 3.85%, with an average 0.5 point, an increase from the 3.84% average in the previous period. The average also marks an increase from the year-ago average of 3.37%.
The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) increased to 3.65%, with an average 0.4 point, from 3.63% in the prior period. A year ago at this time, the 5-year ARM averaged 3.16%.
"Fixed mortgage rates increased for the seventh consecutive week, with the 30-year fixed mortgage rate reaching 4.4% in this week's survey; the highest since April of 2014,” Freddie Mac Deputy Chief Economist Len Kiefer said. “Mortgage rates have followed US Treasurys higher in anticipation of higher rates of inflation and further monetary tightening by the Federal Reserve. Following the close of our survey, the release of the FOMC minutes for Feb. 21, 2018, sent the 10-year Treasury above 2.9%. If those increases stick, we will likely see mortgage rates continue to trend higher."
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