WASHINGTON–Mortgage rates moved higher for the third week in row.
According to Freddie Mac, the 30-year fixed-rate mortgage (FRM) averaged 3.73% with an average 0.5 point for the week ending March 17, 2016, up from last week when it averaged 3.68%. A year ago at this time, the 30-year FRM averaged 3.78%.
The 15-year FRM last week averaged 2.99% with an average 0.4 point, up from the previous week when it averaged 2.96%. A year ago at this time, the 15-year FRM averaged 3.06%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93% this week with an average 0.5 point, up from one week earlier when it averaged 2.92%. A year ago, the 5-year ARM averaged 2.97%.
"Treasury yields increased heading into this week's FOMC meeting, partially in response to modestly higher inflation readings,” said Sean Becketti, chief economist, Freddie Mac, in a statement. “Thirty-year mortgage rates kept pace, rising five basis points to 3.73%. Nonetheless, at the meeting the Fed confirmed what the market had already concluded and made no change to the Federal funds target. The Fed went further and acknowledged that economic signals have been mixed and that the pace of monetary tightening may be slower than had been assumed at the end of 2015."