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Fixed Mortgage Rates Continue Gradual Climb Higher

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rates_rising_graphFreddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates mixed with the fixed-rate products moving higher for the fourth consecutive week, while adjustable rate mortgages eased.

Results show that the 30-year fixed-rate mortgage (FRM) averaged 4.37 percent with an average 0.7 point for the week ending February 27, 2014, up from last week when it averaged 4.33 percent. A year ago at this time, the 30-year FRM averaged 3.51 percent.

“Mortgage rates edged up with new home sales exceeding expectations and rising to a seasonally adjusted pace of 468,000 units in January, the strongest annual rate since July 2008,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “The 9.6 percent increase in new home sales for January followed an upward revision of 13,000 units in December. The S&P/Case-Shiller® 20-city composite house price index rose 13.4 percent over the 12-months ending in December 2013.”

The 15-year FRM this week averaged 3.39 percent with an average 0.7 point, up from last week when it averaged 3.35 percent. A year ago at this time, the 15-year FRM averaged 2.76 percent.

The survey concluded that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week with an average 0.5 point, down from last week when it averaged 3.08 percent. A year ago, the 5-year ARM averaged 2.61 percent.

Additionally, the 1-year Treasury-indexed ARM averaged 2.52 percent this week with an average 0.4 point, down from last week when it averaged 2.57 percent. At this time last year, the 1-year ARM averaged 2.64 percent.

For more information, visit www.FreddieMac.com.

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