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Thirtyyear Mortgage Rates Jump 11 Points

first_imgThirty-year Mortgage Rates Jump 11 Points 2017-03-13 Rachel Williams March 13, 2017 516 Views in Data, Headlinescenter_img Share According to the most recent Freddie Mac Primary Mortgage Market Survey, average 30-year fixed mortgage rates have reached their highest mark in 2017.”The 10-year Treasury yield rose about 10 basis points this week,” said Sean Becketti, Freddie Mac Chief Economist, for the week ending March 9. “For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent. The strength of Friday’s employment report and the outcome of next week’s FOMC meeting are likely to set the direction of next week’s survey rate.”Current rates are as follows:30-year fixed-rate mortgage (FRM) averaged 4.21 percent with an average 0.5 point for the week ending March 9, 2017, up from last week when it averaged 4.10 percent. A year ago at this time, the 30-year FRM averaged 3.68 percent.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. A year ago at this time, the 15-year FRM averaged 2.96 percent.5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23 percent this week with an average 0.4 point, up from last week when it averaged 3.14 percent. A year ago, the 5-year ARM averaged 2.92 percent.Freddie Mac makes home ownership possible for millions of families and individuals by providing mortgage capital to lenders. Since its creation by Congress in 1970, this organization has made housing more accessible and affordable for homebuyers and renters in communities nationwide.last_img read more