Mortgage rates hold steady


(Freddie Mac)

Mortgage rates showed little change last week, according to the latest data released Thursday by Freddie Mac.

The 30-year fixed-rate average bumped up slightly, rising to 4.41 percent with an average 0.7 point. It was 4.4 percent a week ago and 3.54 percent a year ago.

Mortgage chart April 3

The 15-year fixed-rate average climbed to 3.47 percent with an average 0.6 point. It was 3.42 percent a week ago and 2.74 percent a year ago.

Hybrid adjustable rate mortgages also rose. The five-year ARM average crept up to 3.12 percent with an average 0.5 point. It was 3.1 percent a week ago and 2.65 percent a year ago.

The one-year ARM average edged up to 2.45 percent with an average 0.4 point. It was 2.44 percent a week ago.

A week of light economic reports held mortgage rates steady, according to Frank E. Nothaft, Freddie Mac vice president and chief economist.

“Of the few releases, real GDP was revised up slightly to 2.6 percent growth in the fourth quarter of 2013,” Nothaft said in a statement. “The private sector added an estimated 191,000 jobs in March, which followed an upward revision of 39,000 jobs in February, according to the ADP Research Institute. Also, the Institute for Supply Management reported the manufacturing industry rebounded from a soft February but was still below market consensus.”

Meanwhile, mortgage applications declined again, according to the latest data from the Mortgage Bankers Association.

The Market Composite Index, a measure of total loan application volume, fell 1.2 percent. The Refinance index dropped 3 percent, while the Purchase Index showed an uptick for the second week in a row, increasing 1 percent.

The refinance share of mortgage activity waned for the eighth week in a row, accounting for 53 percent of all applications.

Kathy Orton is a reporter and Web editor for the Real Estate section. She covers the Washington metropolitan area housing market.
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