As the data below shows, courtesy of the Freddie Mac Primary Mortgage Market Survey, the average 30-year fixed rate mortgage rate no longer has a 3-handle and instead is now 4!
The good news is that the 4.04% number is below the 4.30% level in the survey back in March 2017, but not by much.
This news is consistent with the fact that the 10-year treasury is trading at levels not seen for quite some time as the economy seems to be picking-up steam, inflation indicators may be poised for a move higher and the labor markets are tightening.
According to the Fed’s mandate of full employment and inflation staying within a prescribed band, this may be indicating that as expected by the forecasters around Wall Street that there likely will be several 2018 hikes in the fed funds rate.
Freddie Mac Primary Mortgage Market Survey
If the forecasts for movement by the Fed are correct, what impact will rising mortgage rates have on the real estate market? Keep your eye on the data!
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