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Freddie Mac: Mortgage Rates Climb to Highest Level in 4+ Years
Wednesday, May 2, 2018 6:45 AM

Mortgage rates increased for the third consecutive week, climbing 11 basis points to 4.58 percent, Freddie Mac reported last week. Rates are now at their highest level since the week of Aug. 22, 2013. Higher Treasury yields, driven by rising commodity prices, more Treasury issuances and the steady stream of solid economic news, are behind the uptick in rates over the past week.

  • 30-year fixed-rate mortgage averaged 4.58 percent with an average 0.5 point for the week ending April 26, 2018, up from a year ago at this time when the 30-year FRM averaged 4.03 percent.
  • 15-year FRM this week averaged 4.02 percent with an average 0.4 point, up from a year ago at this time when the 15-year FRM averaged 3.27 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.74 percent this week with an average 0.3 point, up from a year ago at this time when the 5-year ARM averaged 3.12 percent.

Despite the increase in borrowing costs, demand for home purchase credit remains solid. The Mortgage Bankers Association reported in their latest mortgage applications survey that activity was up 11 percent from a year ago.

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