Mortgage Giant, Freddie Mac released this weeks Prime Mortgage Market Survey (PMMS) showing the average mortgage rates on a fixed rate mortgage continuing to climb.
The surveys reveals the following:
30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.5 point for the week ending March 23, 2017 showing a drop from last week when it averaged 4.30 percent.
15-year FRM this week averaged 3.44 percent with an average 0.5 point, showing a decline from last week when it averaged 3.50 percent.
5/1-year ARM averaged 3.24 percent this week with an average 0.4 point and a 2.74 margin, declining from last week when it averaged 3.28 percent.
The rates have dropped this week after a spike that followed the decision of the FED to raise its benchmark rate.
This marks the greatest week-over-week decline for the 30-year mortgage rate in over two months, a stark contrast from last weeks jump following the FOMC announcement, Sean Becketti, Freddie Mac chief economist, said in a statement.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.