Rates showed little change after posting their first decline for the year during the previous period
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Mortgage rates edged up during the week ending March 22, showing little change after slipping for the first time in 2018 in the prior period, according to the Primary Mortgage Market Survey released by Freddie Mac.
The 30-year fixed-rate mortgage averaged 4.45%, with an average 0.5 point, up from the 4.44% average in the previous period. A year ago at this time, the mortgage averaged 4.23%.
Rates for the 15-year fixed mortgage averaged 3.91%, with an average 0.5 point, an increase from the 3.9% average in the prior period. Compared to the year-ago period, the mortgage also increased from a 3.44% average.
The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.68%, with an average 0.4 point, rising from the previous average of 3.67%. A year ago at this time, the 5-year ARM averaged 3.24%.
Freddie Mac Deputy Chief Economist Len Kiefer said mortgage rates recovered from the previous decline to return to their upward trend after the Federal Reserve hiked interest rates. Although the increase was widely expected, the benchmark 10-year Treasury still soared as a result.
"So far, US housing markets remain resilient in the face of higher mortgage rates,” Kiefer said. “The National Association of Realtors reported this week that existing home sales in February increased 3% month-over-month on a seasonally adjusted basis and are up 1.1% from a year ago. That momentum is carrying through into spring. In the latest Mortgage Bankers Association's Weekly Mortgage Applications Survey, the home purchase mortgage applications index was up 6% from the same week a year ago."
