30-Year Mortgages at Highest Level in Eight Months
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Today, Freddie Mac (NYSE: FRE) said due to rising bond yields 30-year fixed-rate mortgage averaged 5.21 percent, the highest level in eight months.
Last week, 30-year fixed-rate mortgages averaged 5.08 percent. Last year at this time, the 30-year FRM averaged 4.87 percent.
The 15-year this week averaged 4.52 percent with an average 0.6 point, up from last week when it averaged 4.39 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.25 percent this week, with an average 0.6 point, up from last week when it averaged 4.10 percent.
“Once again, mortgage rates followed bond yields higher amid a positive March employment report,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The economy added 162,000 jobs, which was the largest monthly gain over the past three years. In addition, revisions raised the January and February figures by a combined 61,000 workers. Excluding government employees, private payrolls rose for the third consecutive month and were the strongest increase since May 2007.
Last week, 30-year fixed-rate mortgages averaged 5.08 percent. Last year at this time, the 30-year FRM averaged 4.87 percent.
The 15-year this week averaged 4.52 percent with an average 0.6 point, up from last week when it averaged 4.39 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.25 percent this week, with an average 0.6 point, up from last week when it averaged 4.10 percent.
“Once again, mortgage rates followed bond yields higher amid a positive March employment report,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The economy added 162,000 jobs, which was the largest monthly gain over the past three years. In addition, revisions raised the January and February figures by a combined 61,000 workers. Excluding government employees, private payrolls rose for the third consecutive month and were the strongest increase since May 2007.
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