FreddieMac.com

Mortgage Rates Climb to Highest Level in Over Four Years

U.S. weekly average mortgage rates as of April 26, 2018.

MCLEAN, Va., April 26, 2018 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB:FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates continuing the upward trajectory seen in most of early 2018.  

Sam Khater, Freddie Mac chief economist, says mortgage rates increased for the third consecutive week, climbing 11 basis points to 4.58 percent. “Mortgage rates are now at their highest level since the week of August 22, 2013,” he said. “Higher Treasury yields, driven by rising commodity prices, more Treasury issuances and the steady stream of solid economic news, are behind the uptick in rates over the past week.”

Added Khater, “Despite the increase in borrowing costs, demand for home purchase credit remains solid. The Mortgage Bankers Association reported in their latest mortgage applications survey that activity was up 11 percent from a year ago.”  

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.58 percent with an average 0.5 point for the week ending April 26, 2018, up from last week when it averaged 4.47 percent. A year ago at this time, the 30-year FRM averaged 4.03 percent. 
  • 15-year FRM this week averaged 4.02 percent with an average 0.4 point, up from last week when it averaged 3.94 percent. A year ago at this time, the 15-year FRM averaged 3.27 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.74 percent this week with an average 0.3 point, up from last week when it averaged 3.67 percent. A year ago at this time, the 5-year ARM averaged 3.12 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

MEDIA CONTACT: Adam DeSanctis
703-903-2786
Adam_DeSanctis@freddiemac.com

A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/75445c9f-533c-459e-bb74-66f2cfcb0aba



The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac does not undertake an obligation, and disclaims any duty, to update any of the information in those documents. Freddie Mac's future performance, including financial performance, is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the company's future results are discussed more fully in our reports filed with the SEC.