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Mortgage rates have risen for the first time in 2017

WASHINGTON–Mortgage rates have risen for the first time in 2017.
According to Freddie Mac:
  • The 30-year fixed-rate mortgage (FRM) averaged 4.19% with an average 0.4 point for the week ending Jan. 26, 2017, up from one week earlier when it averaged 4.09%. A year ago at the same time, the 30-year FRM averaged 3.79%.
  • The 15-year FRM averaged 3.40% with an average 0.4 point, up from one week earlier when it averaged 3.34%. A year ago at the same time, the 15-year FRM averaged 3.07%.
  • The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.20% with an average 0.4 point, which was down from one week earlier when it averaged 3.21%. A year ago, the five-year ARM averaged 2.90%
"The 10-year Treasury yield increased more than 10 basis points this week,” said Sean Becketti, chief economist, Freddie Mac, in a released statement. “The 30-year mortgage rate moved up as well to 4.19%, a 10-basis-point jump. This week marks the first increase in the mortgage rate since December 29. The 2.8% decline in existing home sales in December is a reminder of the lack of homes for sale. According to the National Association of Realtors, supply is at its lowest level since 1999, a factor that should support higher house prices regardless of the oscillations of the mortgage rate."

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