Mortgage rates move higher

by MPA27 Mar 2014
Fixed mortgage rates moved up this week, according to data released today by Freddie Mac.

“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%.


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