USA 30-Year Mortgage Rates Jump to 2017 High Before Fed Meeting

Posted March 12, 2017

Mortgage rates are not directly tied to the federal funds rate, which is adjusted by the Fed's policymakers.

The 30-year fixed averaged 4.21%, jumping from 4.10% a week ago, while the 15-year fixed rate mortgage averaged 3.42%, climbing from 3.32% last week.

Freddie Mac Chief Economist Sean Becketti said that 10-year Treasury yields rose by 10 basis points.

The average rate for a 30-year fixed mortgage was 4.21 percent, up from 4.1 percent last week, Freddie Mac said in a statement Thursday. But home loan rates often move higher immediately after a rate hike.

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According to Mortgage Bankers Association data, the share of mortgage applications taken by ARMs was the largest since October 2014. This is up from last week's 4.1% and from last year's 3.68%. The market composite index, which measures total loan application volume - increased 3.3 percent.

Last week, mortgage rates rose in step with benchmark U.S. Treasury yields US10YT=RR as a group of Federal Reserve officials signaled the central bank would consider raising interest rates at its March 14-15 policy meeting.

Monthly payments on a 10-year fixed-rate refi at 3.18 percent would cost $973.94 per month for every $100,000 you borrow. 20 year FRM interest rates start at 4.220% and April of 4.367%. Shorter term, popular 15 year refi loan deals stand at 2.75% at the bank and April of 3.239% today.

At the same time a year ago, the 30-year and 15-year fixed rates averaged 3.68% and 2.96%, respectively. A year ago, the 5-year ARM averaged 2.92 percent.