Published: Sun, March 12, 2017
Business | By Sandy Mccarthy

Freddie Mac: Mortgage Rates Saw Significant Jump

Freddie Mac: Mortgage Rates Saw Significant Jump

Mortgage rates on other types of home loans that the MBA tracks also increased from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.36% from 4.30%.

30 year loan deals are being quoted at 4.500% at Citizens Bank today with an April of 4.536%.

Adjustable-rate mortgages are more popular now than at any time in more than two years as interest rates start climbing.

Mortgage rates or interest rates on home loans reached the highest mark of 2017 this week, as the Treasury yield rose about 10 basis points, according to mortgage provider Freddie Mac.

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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.

According to Mortgage Bankers Association data, the share of mortgage applications taken by ARMs was the largest since October 2014. The market composite index, which measures total loan application volume - increased 3.3 percent.

MBA's seasonally adjusted gauge on applications to refinance an existing home loan gained 5.2 percent to 1,357.6, the highest since the week of December 16, 2016.

The MBA's seasonally adjusted gauge on purchase application activity, a proxy for future home sales, increased 1.7 percent to 235.0, the highest since the week ended January 20.

The average for a 15-year refi is now running at 3.30 percent, up 9 basis points since the same time last week. A year ago at this time, the 15-year FRM averaged 2.96 percent. Shorter term, popular 15 year refi loan deals stand at 2.75% at the bank and April of 3.239% today. 20 year FRM interest rates start at 4.220% and April of 4.367%. 7 year Adjustable Rate Mortgages are being offered for 3.875% now yielding an April of 4.045% to start. A year ago, the five-year ARM averaged 2.92%.

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