Mortgage rates increased on a weekly and monthly basis to the highest level since 2014, and more ascension is expected. Rising rates are driving more borrowers into adjustable-rate mortgages.
Average 30-year note rates on single-family loans that were closed during January 2018 were 4.33 percent, according to Ellie Mae Inc.’s January 2018 Origination Insight Report.
Rates have risen for three consecutive months and stand at their highest level since May 2017. Thirty-year note rates were 4.28 percent the prior month and 4.31 percent a year prior.
Source: Mortgage Daily