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Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.


Mortgage Rates Jump to Highest Level Since 2016

Further ascension likely

Feb. 8, 2018

By SAM GARCIA Mortgage Daily



portrait of Sam Garcia

Weekly fixed interest rates on residential loans escalated to the highest level since 2016. The outlook for next week's report is a further ascension.

In its Mortgage Offers Report, LendingTree.com said 30-year fixed rates offered by its lender network for loans used to finance a home purchase had an average annual percentage rate of 4.55 percent in January.

That was substantially higher than one month previous, when the average APR was 4.42 percent. It was also the highest rate since March 2016, when APRs averaged 4.45 percent.

Borrowers with the best profiles were offered average APRs of 3.93 percent last month.

The Primary Mortgage Market Survey from Freddie Mac had 30-year fixed rates averaging 4.32 percent in the week ended Feb. 8 -- the highest average since they were 4.32 percent in the week ended Dec. 29, 2016.

Thirty-year rates averaged 4.22 percent a week earlier and 4.17 percent a year earlier.

Fixed mortgage rates are likely to be roughly 5 BPS higher in Freddie's survey next week based on Mortgage Daily's analysis of Treasury market activity.

A plurality -- 42 percent -- of panelists surveyed by Bankrate.com for the week Feb. 7 to Feb. 13 predicted rates will rise at least 3 BPS over the next week. A third predicted a decline, and a quarter expected no change.

The U.S. Mortgage Market Index report from Mortgage Daily and OpenClose had jumbo interest rates at 22 BPS more than conforming rates. The spread decreased from 26 BPS one week prior. 

Fifteen-year fixed rates averaged 3.77 percent in Freddie's latest survey, up 9 BPS from the week ended Feb. 1. Fifteen-year rates were 55 BPS lower than 30-year rates versus 54 BPS in the last report.

Freddie reported that average five-year, Treasury-indexed, hybrid adjustable-rate mortgages climbed to 3.57 percent from 3.53 percent last week.

Hybrid ARMs adjust based on the yield for the one-year Treasury note, which the Department of the Treasury reported closed at 1.91 percent Thursday, rising from 1.89 percent the previous Thursday.

As of Wednesday, Bankrate.com reported the six-month London Interbank Offered Rate at 1.99 percent. LIBOR increased from 1.97 percent seven days earlier.

ARM share in the most-recent Mortgage Market Index report was 17.8 percent, ballooning from 10.8 percent in the preceding week.


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Before that, he worked in mortgage lending for two decades.

e-mail:
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