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.”