Freddie Mac released it’s Primary Mortgage Market Survey on May 17th, 2018. It shows U.S weekly average mortage rates.
For the week ending of May 17th, 2018, 30-year fixed mortgage rate went up by six (6) points since the last week’s survey, and reached 4.61 percent. This matched the highest level since May 19th,2011. The 30-year fixed mortgage increased by 59 points in one year- when in May 18th, 2017 rate was 4.02%.
For the week ending of May 17th, 2018, 15-year fixed mortgage rate went up by seven (7) points since the last week’s survey, and now it reached 4.08 percent. 15-year FRM increased by 81 points since the last year when it was 3.27 percent.
When the interest rates are higher, the home-buyer has to pay more money when getting a loan.
The buyer gets a smaller house. If there is a set amount of money to be spend a month by a home-buyer, then a buyer has to spend more money for interest. There is less money left a month for an actual loan principal to pay.