Freddie Mac released Thursday the results of its latest Primary Mortgage Market Survey, showing the interest rate on the 30-year fixed-rate mortgage (FRM) jumping more than 10 basis points to an.
During the week ended September 13, 2018, the average rate on a 30-year fixed-rate conventional mortgage jumped to 4.60% with an average 0.5 point, a six-week high and up from 4.54% the week before. Compared with a year ago, the rate is up significantly from 3.78%.
U.S. jobless claims jump to six-week high – The level of weekly claims has been particularly volatile over the past two months, ranging from a high of 388,000 to a low of 327,000. faster pace to pull the nation’s 7.5% unemployment rate down.
That was up six basis points during the week, and marked the third straight weekly gain. The 15-year fixed-rate mortgage averaged 4.06%, up from 3.99%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.93%, unchanged during the week. Those rates don’t include fees associated with obtaining home loans.
Higher Rates Erode Demand for Mortgages Local interests were shocked at how fast the rates shot up and a local paper interview said they expect 8+ % rates.
Home prices in 20 U.S. cities increase by most since 2014 These 10 metro areas (as defined by the U.S. Census) have experienced the largest increases, ranging from 11.4% to 20.5%, in existing single-family home prices among cities with population of more.
Mortgage rates track alongside the benchmark 10-year U.S. Treasury note yield TMUBMUSD10Y, -1.06% , which roared to a four-month high as trade war fears eased and Federal Reserve officials doubled.
Freddie’s multifamily rankings show more stability than Fannie’s Fannie and Freddie began buying up commercial mortgages on multifamily accommodation three decades ago, but since the crisis they have become something like factories, turning these loans into.
The rate on 30-year loan soared from 3.93 percent last week to 4.46 percent this week – the biggest one-week jump in 26 years. The effect on buyers’ wallets in just the past two months is striking.
That accounts for the highest rate since the week of December 11, 2008, almost six months ago. "Thirty-year fixed-rate mortgage rates caught up to the recent rise in long-term bond yields this week to reach a 25-week high," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.
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Mortgage interest rates are. with the same week one year ago. Falling rates were likely behind a sizable jump in loan applications to purchase a home. They rose 4 percent for the week and were 2.
Sam Khater, Freddie Mac’s chief economist, says the 30-year fixed-rate mortgage rose for the fifth consecutive week to 4.72 percent – a high not seen since April 28, 2011 (4.78 percent). "The robust economy, rising Treasury yields and the anticipation of more short-term rate hikes caused mortgage rates to move up," he said.