30-Year Fixed-Rate Mortgage Rates Rise to Highest Level Since April 2010
February 10, 2011
Interest rates for 30-year fixed-rate mortgages increased to its highest level since April 2010, according to Freddie Mac’s Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage (FRM) averaged 5.05 percent with an average 0.7 point for the week ending Feb. 10, up from last week when it averaged 4.81 percent, according to the survey. Last year at this time, the 30-year FRM averaged 4.97 percent.
The 15-year FRM this week averaged 4.29 percent with an average 0.7 point, up from last week when it averaged 4.08 percent, Freddie Mac reported. A year ago at this time, the 15-year FRM averaged 4.34 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.92 percent this week, with an average 0.6 point, up from last week when it averaged 3.69 percent. A year ago, the 5-year ARM averaged 4.19 percent.
The 1-year Treasury-indexed ARM averaged 3.35 percent this week with an average 0.6 point, up from last week when it averaged 3.26 percent. At this time last year, the 1-year ARM averaged 4.33 percent.
"Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week,” said Frank Nothaft, vice president and chief economist for Freddie Mac.