National mortgage rates are holding steady, while the housing market overall remains resilient as borrowing costs for consumers may be poised to rise again.
That’s the conclusion from Freddie Mac’s most recent review of mortgage rates and the markets. The 30-year fixed-rate mortgage averaged 4.45 percent, with an average 0.5 point, for the week ending March 22, according to Freddie Mac.
Says Len Kiefer, deputy chief economist for Freddie Mac: “The Federal Reserve’s decision to raise interest rates by a quarter of a percentage point puts the federal funds rate at its highest level since 2008… “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.”
The housing market’s positive momentum is carrying over into spring, he added.
“In the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey, the home purchase mortgage applications index was up 6 percent from the same week a year ago,” Kiefer said.
Here’s a summary of national mortgage rates posted last week by Freddie Mac:
30-year fixed-rate mortgage (FRM) averaged 4.45 percent with an average 0.5 point for the week ending March 22, 2018, up from last week when it averaged 4.44 percent. A year ago at this time, the 30-year FRM averaged 4.23 percent.
15-year FRM this week averaged 3.91 percent with an average 0.5 point, up from last week when it averaged 3.90 percent. A year ago at this time, the 15-year FRM averaged 3.44 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.68 percent this week with an average 0.4 point, up from last week when it averaged 3.67. A year ago at this time, the 5-year ARM averaged 3.24 percent.