Mortgage rates remain steady for the week ending March 22, 2018, after increasing the previous week for the first time in 2018, according to the latest Freddie Mac report.
Freddie Mac reported the 30 year fixed mortgage average was 4.45% with an average 0.5 point, which was up slightly from 4.4% the week prior. A year ago at this time, it was 4.23%.
Average rates for the 15-year mortgage was at 3.91%, an increase from the previous week’s average of 3.90%. Last year’s average for the same time period was 3.44%.
5-year adjustable-rate mortgage (ARM) average rate was 3.68%, with an average 0.4 point, higher than last week’s average of 3.67% and last year at the same time when the 5-year ARM averaged 3.24%.
Len Kiefer, Deputy Chief Economist at Freddie Mac had stated:
“The Federal Reserve raised interest rates today — a much-anticipated move that comes as both U.S. and global economic fundamentals continue to strengthen. The Fed’s decision to raise interest rates by a quarter of a percentage point puts the federal funds rate at its highest level since 2008. The decision, while widely expected, sent the yield on the benchmark 10-year Treasury soaring. Following Treasurys, mortgage rates shrugged off last week’s drop and continued their upward march. The U.S. weekly average 30-year fixed mortgage rate rose 1 basis point to 4.45 percent in this week’s survey.
“So far, U.S. housing markets remain resilient in the face of higher mortgage rates. The National Association of Realtors reported this week that existing home sales in February increased 3 percent month-over-month on a seasonally adjusted basis and are up 1.1 percent from a year ago. That momentum is carrying through into spring. In the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey, the home purchase mortgage applications index was up six percent from the same week a year ago.”
Here are what some of the nation’s top lenders are reporting today.
Bank of America’s 30-year fixed is 4.375% and the 15-year mortgage is 4.00%. The 10/1 ARM is 4.00% and the 5/1 ARM is 3.75%.
The 30-year fixed mortgage purchase rate at Wells Fargo is 4.625% and the 15-year fixed is 4.125%. The 30-year refinance rate is 4.75% and the 15-year mortgage is 3.25%.
Chase Mortgage is reporting its 30-year fixed rate for the purchase mortgage rate is 4.375% and the 15 year is 3.875%. 30-year fixed mortgage refinance rates are at 4.5% and the 15-year fixed is at 3.875%.
The rates quoted above are not guaranteed until lock-in with the respective lender. Your guaranteed rate will depend on various factors including the loan itself, closing costs, buy downs, and rate locks.
If you would like a live rate quote and/or to discuss other possible mortgage options with Banc Home Loans, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at Erik.Sandstrom@PrimeLending.com.