Fixed average mortgage rates were on the rise for the week ending March 9 showing average 30-year fixed mortgage rates hitting their highest mark of 2017, according to the latest report from Freddie Mac.
The 30 year fixed mortgage averaged 4.21% over the week with an average 0.5 point, higher than last week’s report when the average was 4.10%. It was averaging 3.68% for the same time period last year.
Average rates for the 15-year mortgage was at 3.42%, an increase from last week when it averaged 3.32%. Last year’s average for the same time period was 2.96%.
5-year adjustable-rate mortgage (ARM) average rates were at 3.23%, with an average 0.5 point, up from last week’s average 3.14%. A year ago, the 5-year ARM averaged 2.92%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“The 10-year Treasury yield rose about 10 basis points this week. 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.”
Here are what some of the nation’s top lenders are reporting today on their websites:
Bank of America is reporting the 30 year fixed mortgage is 4.50%, and the 15-year mortgage is 3.875%. The 10/1 ARM is 3.875% and the 5/1 ARM is 3.375%.
Purchase rates at Wells Fargo for the 30 year mortgage are at 4.375%, and the 15-year fixed is 3.75%. The 30-year refinance rate is 4.50%, and the 15-year mortgage is 3.75%.
The 30 year fixed purchase mortgage rate at Chase is 4.25%, and the 15-year is at 3.350%. 30-year fixed mortgage refinance rates are at 4.25%, and the 15-year fixed is at 3.50%.
The rates quoted above can change at any time and are not guaranteed. If you would like a live rate quote and/or to discuss other possible mortgage options, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at Erik.Sandstrom@BancHomeLoans.com.
You can also search online for the latest rate quotes using the widget below.