The average rate on a 30-year fixed mortgage has reached its highest level this year, according to a survey from Freddie Mac.
For the week ending March 9, 2017, Freddie Mac’s Primary Mortgage Market Survey found that 30-year fixed-rate mortgages averaged 4.21 percent, up from 4.10 percent a week earlier. A year ago, the average 30-year fixed-rate mortgage was 3.68 percent.
“The 10-year Treasury yield rose about 10 basis points this week. For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent,” Freddie Mae Chief Economist Sean Becketti said in a press release.
“The strength of Friday's employment report and the outcome of next week's [Federal Reserve Open Market Committee] meeting are likely to set the direction of next week's survey rate,” Becketti said.
The average 15-year fixed-rate mortgage last week climbed to 3.42 percent, up from a week earlier (3.32 percent) and a year ago (2.96 percent).
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARM) averaged 3.23 percent this week, up from 3.14 percent last week. A year ago, the 5-year ARM averaged 2.92 percent.