Mortgage rates increased drastically after the election of President Donald Trump, then leveled off in the weeks that followed.
But while mortgage rates leveled off, they are still steadily increasing. Data from Bankrate shows 49 states and the District of Columbia all saw an increase in mortgage rates from last week. The only state to break that pattern was Missouri, which remained steady from the previous week at 3.98%.
Mortgage rates are actually creating a pattern all their own, as they have not been following the 10-year Treasury yield, Freddie Mac’s weekly survey pointed out.
And as the 30-year fixed-rate mortgage sees its rates increase, consumers move toward alternative mortgage options such as adjustable-rate mortgages, Ellie Mae’s most recent Origination Insight Report shows.
Goldman Sachs predicts mortgage rates will continue to slowly increase, hitting 5.5% by 2019.
However, for comparison, mortgage rates are still historically low. In 2007, the 30-year fixed-rate mortgage hovered between 6% and 7%.
Here are the top 10 states with the highest 30-year fixed-rate mortgage for the week, using data from Bankrate:
10. Iowa
30-year FRM: 4.09%
This is an increase of 0.09 percentage points from the previous week’s 4%.
9. Maine
30-year FRM: 4.09%
This is an increase of 0.1 percentage point from the previous week’s 3.99%.
8. Nevada
30-year FRM: 4.09%
This is an increase of 0.1 percentage point from the previous week’s 3.99%.
7. Mississippi
30-year FRM: 4.09%
This is an increase of 0.1 percentage point from the previous week’s 3.99%.
6. Utah
30-year FRM: 4.1%
This is an increase of 0.11 percentage points from the previous week’s 3.99%.
5. Alaska
30-year FRM: 4.11%
This is an increase of 0.11 percentage points from the previous week’s 4%.
4. North Dakota
30-year FRM: 4.12%
This is an increase of 0.11 percentage points from the previous week’s 4.01%.
3. Vermont
30-year FRM: 4.13%
This is an increase of 0.11 percentage points from the previous week’s 4.02%.
2. Montana
30-year FRM: 4.16%
This is an increase of 0.13 percentage points from the previous week’s 4.03%.
1. South Dakota
30-year FRM: 4.17%
This is an increase of 0.14 percentage points from the previous week’s 4.03%.
