Mortgage rates continued to climb during the week ended March 8, with the average rate for a 30-year fixed mortgage (FRM) rising to 4.46%, up from 4.43% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
It was the ninth consecutive week that mortgage rates increased on a week-over-week basis.
A year ago at this time, the 30-year FRM averaged 4.21%.
The average rate for a 15-year FRM was 3.94%, up from 3.9%. A year ago at this time, the 15-year FRM averaged 3.42%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.63%, up from 3.62%. A year ago at this time, the five-year ARM averaged 3.23%.
“The 10-year Treasury yield has been bouncing around in a narrow 15 basis point range for the last month,” says Len Kiefer, deputy chief economist for Freddie Mac, in a release. “While the yield on the 10-year Treasury is currently below the high of 2.95 percent reached two weeks ago, mortgage rates are up for the ninth consecutive week. The U.S. weekly average 30-year fixed mortgage rate rose three basis points to 4.46 percent in this week’s survey, its highest level since January 2014.”