For the first time in eight months mortgage rates have climbed above the 4% threshold. The news was expected as financial markets continue to post positive numbers including improved business and consumer confidence.
Lenders who fund mortgage applications typically offer rates in a range based on various factors. Today’s report is from Freddie Mac’s primary market rate survey. It is the industry standard used to gauge rates and the data is compiled from a sample of lenders who sell their closed mortgage loans on the secondary market. This week’s rate is 4.04% and is based on the benchmark thirty-year mortgage.
While mortgage rates inched higher they stil make home ownership affordable. At the same time consumers realize timing is everything and as overall economic conditions improve, increases may be the result.
Current snapshot of rates
January 18, 2018
|30-Yr FRM||15-Yr FRM||5/1-Yr ARM|
|Fees & Points||0.6||0.5||0.3|
source: Freddie Mac Rate Survey