“Mortgage rates crept up further following the uptick in the 10-year Treasury yield as minutes of the Federal Reserve's last meeting indicated little possibility of a pause in the central bank's reduction of bond purchases,” said Frank Nothaft, vice president and chief economist for Freddie Mac.
“Housing starts in January fell 16 percent to a seasonally adjusted annual rate of 888,000 units, below consensus forecast. Permits were at a seasonally adjusted annual rate of 937,000 in January, also below consensus.”
The 30-year fixed rate mortgage averaged 4.33% this week, up from last week’s average of 4.28%. Last year, the 30-year FRM averaged 3.56%.
The 15-year FRM averaged 3.35% this week, up from last week’s average rate of 3.33%. Last year at this time, the 15-year FRM averaged 2.77%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage also rose this week, up to 3.08% from last week’s 3.05%. A year ago, the 5-year ARM averaged 2.64%.
The 1-year ARM averaged 2.57% this week, up from last week’s 2.55%. A year ago, the 1-year ARM averaged 2.65%.
Fixed mortgage rates ticked up slightly this week for the second week in a row, according to data released today by Freddie Mac.