“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,” said Frank Nothaft, vice president and chief economist at Freddie Mac. “Also, the S&P/Case-Shiller 20-city composite house price index rose 13.2 percent over the 12-months ending in January 2014.”
The 30-year fixed-rate mortgage averaged 4.40% this week, up from last week’s average of 4.32%. A year ago at this time, the 30-year FRM averaged 3.57%.
The 15-year FRM averaged 3.422% this week, up from last week’s 3.32%. Last year, the 15-year FRM averaged 2.76%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.10%, up from last week’s average of 3.02%. Last year the 15-year ARM averaged 2.68%.
The 1-year Treasury-indexed ARM averaged 2.44% this week, down from last week’s average of 2.49%. Last year, the 1-year ARM averaged 2.62%.
Fixed mortgage rates moved up this week, according to data released today by Freddie Mac.