US Mortgage Rates Hit 2017 High in Early March

Marcus Newton
March 12, 2017

Higher short-term rates tend to push up mortgage rates.

Rates are running a little less at some Cleveland-area banks compared with the 4.21 percent national average: Thursday's rate for a 30-year loan was 3.99 percent at Third Federal, 4 percent at Dollar Bank and 4.1 percent at Huntington.

The average 30-year fixed-refinance rate is 4.19 percent, up 14 basis points since the same time last week. Bond yields often move based on the broader economy. It was 4.1 percent a week ago and 3.68 percent a year ago.

"The strength of Friday's employment report and the outcome of next week's FOMC meeting are likely to set the direction of next week's survey rate", Becketti said.

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15-year FRM this week averaged 3.42 percent with an average 0.5 point, up from last week when it averaged 3.32 percent.

MBA's seasonally adjusted gauge on applications to refinance an existing home loan gained 5.2 percent to 1,357.6, the highest since the week of December 16, 2016. The purchase component of the index was up 2 percent. Shorter term, popular 15 year refi loan deals stand at 2.75% at the bank and April of 3.239% today. ARM interest rates in the 10 year category stand at 4.190% today with an April of 4.225%.

At the same time a year ago, the 30-year and 15-year fixed rates averaged 3.68% and 2.96%, respectively. The 10-year U.S. Treasury, which closely mirrors mortgage rates, even slipped a bit lower this morning, after rising for the past seven consecutive days.

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