The WPJ
Residential Real Estate News
Fixed Mortgage Rates Edge Up in U.S.
According to Freddie Mac latest Primary Mortgage Market Survey (PMMS), fixed mortgage rates in the U.S. increased from last week.
Freddie Mac's chief economist Frank Nothaft stated, "Mortgage rates rose following the uptick on the 10-year Treasury note after comments by the Federal Reserve Board Chair Janet Yellen indicated a possible increase in interest rates as soon as early 2015. Also, the S&P/Case-Shiller20-city composite house price index rose 13.2 percent over the 12-months ending in January 2014."
Any increase in mortgage rates applies additional pressure for those local markets that are already feeling an affordability pinch.
Primary Mortgage Market highlights this week include:
- 30-year fixed-rate mortgage (FRM) averaged 4.40 percent with an average 0.6 point for the week ending March 27, 2014, up from last week when it averaged 4.32 percent. A year ago at this time, the 30-year FRM averaged 3.57 percent.
- 15-year FRM this week averaged 3.42 percent with an average 0.6 point, up from last week when it averaged 3.32 percent. A year ago at this time, the 15-year FRM averaged 2.76 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week with an average 0.5 point, up from last week when it averaged 3.02 percent. A year ago, the 5-year ARM averaged 2.68 percent.
- 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.4 point, down from last week when it averaged 2.49 percent. At this time last year, the 1-year ARM averaged 2.62 percent.
Real Estate Listings Showcase
This website uses cookies to improve user experience. By using our website you consent in accordance with our Cookie Policy. Read More