Mortgage Rates Hit Seven-Year High

Mortgage rates hit 7-year high amid slowing housing market

Still, compared to a year ago, the Purchase Index is actually up 2 percent.

On Tuesday, benchmark 10-year Treasury yield US10YT=RR rose to 3.261 percent, the highest since May 2011, as investors pared their bond holdings on worries about rising inflation and a faster pace of interest rate hikes from the Federal Reserve.

The volume of applications for mortgages dropped during the week ending October 5 as average contract interest rates rose to record levels, according to the Weekly Mortgage Applications Survey released by the Mortgage Bankers Association (MBA).

"Rates moved higher last week, driven by strong data on the job market, indicating that the Fed will continue to raise rates", said Joel Kan, an MBA economist. Long-term rates are now up almost a full percentage point from the start of 2018, the Wall Street Journal reported. According to the NAHB/Wells Fargo Housing Opportunity Index (HOI), this combination of high prices and interest rates helped to bring down housing affordability thus far this year.

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To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week.

The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. "At 5%, mortgage rates are up a full percentage point in the past 12 months". The United States Department of Agriculture (USDA) share of all mortgage applications also went up slightly, from 0.7 percent to 0.8 percent.

The average rate for five-year adjustable-rate mortgages jumped to 4.07 per cent from 4.01 per cent last week.

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