Interest Rates Rise
According to the Mortgage Interest Rate Survey produced by the Federal Housing Finance Agency, contract rates on 30-Year fixed rate mortgages ticked up one basis point in December 2017 to 4.01 percent. Information provided by Freddie Mac, a more commonly used series, showed a similar trend over the month of December with its contract rate on the 30-Year fixed rate mortgage rising by 3 basis points to 3.95 percent.
The results from Freddie Mac’s Primary Mortgage Market Survey (PMMS) also indicate that rates rose an additional 8 basis points in January 2018 to 4.03 percent. According to the PMMS, mortgage rates have risen for 4 consecutive months, climbing by 23 basis points over that period. However, mortgage rates remain below their more recent peak of 4.18 percent established nearly one year ago.