Freddie Mac: Mortgage Interest Rates On The Rise

Posted by Patrick Barnard on February 19, 2015 No Comments
Categories : Residential Mortgage

Mortgage rates increased for a second consecutive week during the week ended Feb. 19, according to Freddie Mac's Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 3.76%, up from 3.69% the previous week. A year ago at this time, the 30-year FRM averaged 4.33%.

The average rate for a 15-year FRM was 3.05%, up from 2.99% the week prior. A year ago at this time, the 15-year FRM averaged 3.35%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.97%, unchanged from the previous week. A year ago, the five-year ARM averaged 3.08%.

The average rate for a one-year Treasury-indexed ARM was 2.45%, up from 2.42% the week prior. At this time last year, the one-year ARM averaged 2.57%.

‘Mortgage rates rose for the second consecutive week as 10-year Treasury yields surged,’ says Len Kiefer, deputy chief economist for Freddie Mac, in a release. ‘Housing starts declined 2 percent to a seasonally adjusted pace of 1.065 million units and housing permits dipped 0.7 percent in January. However, home builders remain confident about new home sales although slightly tempered from last month as the National Association of Home Builders Housing Market Index slipped 2 points to 55 in February.’

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