Mortgage Rates Increase After Weeks of Decline
The 10-year Treasury yield rose about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields, rising 6 basis points to 4.03 percent. Despite recent swings in mortgage rates, the housing market continues to show signs of strength—both existing and new home sales in March exceeded expectations, and the Case-Shiller Home Price Index posted another solid gain.
- 30-year fixed-rate mortgage (FRM) averaged 4.03 percent with an average 0.5 point for the week ending April 27, 2017, up from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.
- 15-year FRM this week averaged 3.27 percent with an average 0.4 point, up from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 2.89 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent this week with an average 0.4 point, up from last week when it averaged 3.10 percent. A year ago, the 5-year ARM averaged 2.86 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
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Opinions, estimates, forecasts and other views contained in this page are those of Freddie Mac's Office of the Chief Economist, do not necessarily represent the views of Freddie Mac or its management, should not be construed as indicating Freddie Mac's business prospects or expected results, and are subject to change without notice. Although the Office of the Chief Economist attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. © 2017 by Freddie Mac. Information from this page may be used with proper attribution.
Recently, I was in San Francisco on family business, and I took several taxi rides. Without exception, the drivers voiced the same two complaints: competition from Uber and the high cost of living, particularly the high cost of housing. Some drivers indicated they were throwing in the towel and moving to less expensive metros. Read More