Mortgage Rates Rise For Fourth Consecutive Week

Mortgage rates increased for a fourth straight week, with the average rate for a 30-year loan at 4.22%, up from 4.15% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the 30-year FRM averaged 4.19%.

For the week ended Feb. 1, the average rate for a 15-year FRM was 3.68%, up from 3.62%. A year ago at this time, the 15-year FRM averaged 3.41%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.53% up from 3.52%. A year ago at this time, the five-year ARM averaged 3.23%.

“The Federal Reserve did not hike rates this week, but the market views future hikes as a near certainty,” says Len Kiefer, deputy chief economist for Freddie Mac, in a statement. “The expectation of future Fed rate hikes and increased borrowing by the U.S. Treasury is putting upward pressure on interest rates. The 30-year fixed rate mortgage is up over a quarter of a percentage point (27 basis points) from the first week of the year. 30-year fixed mortgage rates have increased for four consecutive weeks and are now slightly above where they were last year at this time.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here