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

Fixed Mortgage Rates Retreat First Time Since 2017

ARM rates rise

March 15, 2018

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

For the first time this year, fixed interest rates on residential loans turned lower. But the story was different for adjustable-rate mortgages.

During the seven-day period that concluded on March 15, thirty-year fixed rates averaged 4.44 percent, according to Freddie Mac's Primary Mortgage Market Survey.

Long-term rates retreated by 2 basis points from the preceding week -- marking the first time this year that a week-over-week decline was recorded for the 30 year.

But 30-year rates remain 14 BPS higher than in the same-seven days last year.

No change in mortgage rates is expected over the next week by 60 percent of the panelists surveyed by for the week March 14 to March 20. The remaining 40 percent expected a decline of at least 3 BPS.

In the U.S. Mortgage Market Index report from Mortgage Daily and OpenClose for the week ended March 9, jumbo interest rates were 10 BPS more than conforming rates, the same as a week prior.

Freddie reported average 15-year fixed rates at 3.90 percent, falling 4 BPS from the week ended March 8, 2017. At 54 BPS, the spread between 15- and 30-year rates widened from 52 BPS in the last report.

Five-year, Treasury-indexed, hybrid ARMs averaged 3.67 percent in Freddie's survey, 4 BPS worse than in last week's report.

Hybrid ARMs adjust based on the yield for the one-year Treasury note, which the Department of the Treasury reported at 2.07 percent as of Thursday, up 2 BPS from the preceding Thursday.

Another, more obscure, ARM index, the six-month London Interbank Offered Rate, was reported by at 2.30 percent as of Wednesday, surging 6 BPS from seven days earlier.

ARM share in the latest Mortgage Market Index report was 16.7 percent, thinning from 19.4 percent the previous 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.

[email protected]

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A barometer of upcoming originations, the Mortgage Market Index includes data on jumbo, FHA and refinance activity.

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