Following Weeks of Declines, Rates Tick Up

For the first time in five weeks, average mortgage rates reversed course and edged up.

“The 10-year Treasury yield rose about 10 basis points this week,” notes Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate moved with Treasury yields, rising 6 basis points to 4.03 percent. Despite recent swings in mortgage rates,t he housing market continues to show strength—both existing– and new-home sales in March exceeded expectations.”

Freddie Mac’s weekly mortgage market survey showed the following national averages for the week ending April 27:

  • 30-year fixed-rate mortgages averaged 4.03 percent, with an average 0.5 point, up from last week’s 3.97 percent average. Last year at this time, 30-year rates averaged 3.66 percent.
  • 15-year fixed-rate mortgages averaged 3.27 percent, with an average 0.4 point, up from last week’s 3.23 percent average. A year ago, 15-year rates averaged 2.89 percent.
  • 5-year hybrid adjustable-rate mortgages averaged 3.12 percent, with an average 0.4 point, up from last week’s 3.10 percent average. A year ago, 5-year ARMs averaged 2.86 percent.

Source: Freddie Mac

Source link

Reply