The WPJ
Residential Real Estate News
U.S. Mortgage Rates Rise Again, Third Consecutive Week
According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the average fixed mortgage rate moved higher amid solid housing data on new home sales and house price appreciation. Regardless, fixed-rate mortgages rates still remain near their late May, 2013 lows.
Len Kiefer, deputy chief economist, Freddie Mac, "Mortgage rates rose for the third consecutive week in February following solid housing data. New home sales beat market expectations at an annual pace of 481,000 units, down slightly from 482,000 units in December, but up 5.3 percent from a year ago. Also, the S&P/Case-Shiller National House Price Index rose 4.6 percent over the 12-months ending in December 2014."
Freddie Mac Report News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.80 percent with an average 0.6 point for the week ending February 26, 2015, up from last week when it averaged 3.76 percent. A year ago at this time, the 30-year FRM averaged 4.37 percent.
- 15-year FRM this week averaged 3.07 percent with an average 0.6 point, up from last week when it averaged 3.05 percent. A year ago at this time, the 15-year FRM averaged 3.39 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week with an average 0.5 point, up from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.05 percent.
- 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.4 point, down from last week when it averaged 2.45 percent. At this time last year, the 1-year ARM averaged 2.52 percent.
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