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Fixed mortgage rates rise, while adjustable rates hold steady

(Photo by Jason Reed/Reuters)
Mortgage chart April 24

Just as it looked as if mortgage rates were easing to spur the spring housing market, they reversed course, according to the latest data released Thursday by Freddie Mac.

After falling the past two weeks, the 30-year fixed-rate average rose to 4.33 percent with an average 0.6 point. It was 4.27 percent last week and 3.4 percent a year ago. The 30-year fixed rate has bounced around between last week’s low of 4.27 percent and a high of 4.53 percent since the first of the year.

The 15-year fixed-rate average jumped to 3.39 percent with an average 0.6 point. It was 3.33 percent a week ago and 2.61 percent a year ago.

Hybrid adjustable rate mortgages were unchanged. The five-year ARM average was 3.03 percent with an average 0.5 point, the same as a week ago. It was 2.58 percent a year ago.

The one-year ARM average was 2.44 percent with an average 0.5 point, same as it was a week ago.

“Mortgage rates edged up following the uptick in the 10-year Treasury note late last week,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement.

Existing home sales were essentially flat with a 0.2 percent decline in March to a seasonally adjusted annual rate of 4.59 million. However, new home sales fell nearly 15 percent in March to an annual rate of 384,000, well below consensus.”

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

The Market Composite Index, a measure of total loan application volume, fell 3.3 percent. The Refinance index dropped 4 percent, while the Purchase Index sank 3 percent.

After showing its first gain in more than two months last week, the refinance share of mortgage activity fell back to 51 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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Kathy Orton · April 24, 2014

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