Freddie Mac: Fixed Mortgage Rates Edge Up Again

Posted by Patrick Barnard on April 24, 2014 No Comments
Categories : Residential Mortgage

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.’

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