Mortgage rates continue to surge, marking their eighth consecutive week of increases, according to Freddie Mac’s latest Primary Mortgage Market Survey.
“Following Treasury’s, the 30-year fixed mortgage rate jumped three basis points to reach 4.43% in this week’s survey,” said Len Kiefer, Freddie Mac deputy chief economist. “The 30-year rate has been on a tear in 2018, climbing 48 basis points since the start of the year and increasing for eight consecutive weeks.”
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(Source: Freddie Mac)
The 30-year fixed rate mortgage increased to 4.43% for the week ending March 1, 2018. This is up from last week’s 4.4% and from 4.1% last year.
The 15-year FRM increased from3.85% last week and 3.32% last year to 3.9% this week.
The five-year Treasury-indexed hybrid adjustable-rate mortgage increased slightly to 3.62%, up from 3.65% last week and from 3.14% last year.
“Optimistic testimony on Capitol Hill from Federal Reserve Chairman Jerome Powell sent Treasury yields higher as Powell stated his outlook for the economy has strengthened since December,” Kiefer said.