[McLean, VA] For the eighth consecutive week mortgage rates have continued their climb. Now at 4.40% which is just two basis points in week- over-week reporting, it represents the highest mark of 2018. The increase did not catch anybody off guard as the 10-year Treasury climbed over 2.90%. The 10-year Treasury is known as the long-term index which affects mortgage rates.
Going forward, rates are projected to keep climbing. Also, based on economic movement experts have suggested the Fed is positioned for three and perhaps four discount rate hikes for 2018. This is designed to counter inflationary worries and keep the economy in check.
Consumers haven’t pushed the panic button as when evaluating year over year data, mortgage rates have only increased fourteen basis points. That difference is well within the range of mortgage rate movement as they are very cyclical.
Rate recap for the week:
February 22, 2018
|30-Yr FRM||15-Yr FRM||5/1-Yr ARM|
|Fees & Points||0.5||0.5||0.4|
Freddie Mac known technically as Federal National Home Loan Corporation purchases mortgages from it approved mortgage originators. The primary market rate survey is the industry standard published weekly and is used by consumers and industry experts to gauge rate movement.