Freddie Mac: Mortgage Rates Back On The Rise

Posted by Patrick Barnard on April 27, 2017 No Comments
Categories : Residential Mortgage

After hitting a low for the year, mortgage rates were back on the rise this week, with the average rate for a 30-year, fixed-rate mortgage (FRM) rising to 4.03%, up from 3.97% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the 30-year FRM averaged 3.66%.

For the week ended April 27, the average rate for a 15-year FRM was 3.27%, up from 3.23%.

A year ago at this time, the 15-year FRM averaged 2.89%.

The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 3.12%, up from 3.10%.

A year ago, the five-year ARM averaged 2.86%.

“The 10-year Treasury yield rose about 10 basis points this week,” reports Sean Becketti, chief economist for Freddie Mac, in a release. “The 30-year mortgage rate moved with Treasury yields, rising six basis points to 4.03 percent. Despite recent swings in mortgage rates, the housing market continues to show signs of strength – both existing and new home sales in March exceeded expectations, and the Case-Shiller Home Price Index posted another solid gain.”

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