Mortgage rates hit high for 2017 after big one-week spike

Tammy Harvey
March 12, 2017

Other key rates also rose.

Standard 30 year loan interest rates at PHH Mortgage can be had for 4.125% today carrying an April of 4.191%.

"The 10-year Treasury yield rose about 10 basis points this week", Freddie Mac Chief Economist Sean Becketti said.

According to Freddie Mac, 30-year fixed-rate mortgages now ask 4.21 percent per year on average, up from 4.1 percent a week ago. Bond yields often move based on the broader economy.

Today's upbeat employment report sets the stage for the Federal Reserve to raise short-term interest rates at next week's meeting.

Meanwhile, mortgage applications for both home purchases and refinanincg jump last week, according to the latest data from the Mortgage Bankers Association.

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 shorter term 15 year loan interest rates are published at 3.710% yielding an April of 3.894%.

At the same time a year ago, the 30-year and 15-year fixed rates averaged 3.68% and 2.96%, respectively. A year ago at this time, the 15-year FRM averaged 2.96%. For 5/1 ARMs, the average rate increased to 3.48% from 3.35%.

The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 3.23%, up from 3.14%.

15-year FRM this week averaged 3.42 percent, with an average 0.5 point, up from last week when it averaged 3.32 percent.

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