After dropping for two consecutive weeks, fixed mortgage rates edged up again during the week ending April 24, according to Freddie Mac's Primary Mortgage Market Survey.
The average rate for a 30-year fixed-rate mortgage (FRM) was 4.33%, up from 4.27% the previous week. A year ago at this time, the 30-year FRM averaged 3.40%.
The average rate for a 15-year FRM was 3.39%, up from 3.33% the week prior. A year ago at this time, the 15-year FRM averaged 2.61%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03%, unchanged from the previous week. A year ago, the five-year ARM averaged 2.58%.
The average rate for a one-year Treasury-indexed ARM averaged 2.44%, also unchanged from the week prior. At this time last year, the one-year ARM averaged 2.62%.
‘Mortgage rates edged up following the uptick in the 10-year Treasury note late last week,’ says Frank Nothaft, vice president and chief economist, Freddie Mac. ‘Existing-home sales were essentially flat with a 0.2 percent decline in March to a seasonally adjusted annual rate of 4.59 million. However, new home sales fell nearly 15 percent in March to an annual rate of 384,000, well below consensus.’