Mortgage Rates Push Upward
April 1, 2010
Freddie Mac reported the interest rate for 30-year fixed rate mortgages averaged 5.08 percent with an average 0.7 point for the week ending April 1, up from last week when it averaged 4.99 percent. Last year at this time, the 30-year FRM averaged 4.78 percent.
The 15-year FRM this week averaged 4.39 percent with an average 0.6 point, up slightly from last week when it averaged 4.34 percent. A year ago at this time, the 15-year FRM averaged 4.52 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.10 percent this week, with an average 0.6 point, down from last week when it averaged 4.14 percent. A year ago, the 5-year ARM averaged 4.92 percent.
The 1-year Treasury-indexed ARM averaged 4.05 percent this week with an average 0.6 point, down from last week when it averaged 4.20 percent. At this time last year, the 1-year ARM averaged 4.75 percent.
“Interest rates for fixed mortgages rose this week following a run up in long-term bond yields, while ARM rates eased slightly,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Rates on 30-year fixed loans were the highest since the starting week of this year.
“Home-price declines continue to moderate with more metropolitan areas showing stabilizing or rising values. Compared with one year ago, house prices were down 0.7 percent in January 2010 in the S&P/Case-Shiller 20-City Composite Index, which was the smallest 12-month decrease since January 2007. Nine of the cities experienced positive growth, led by San Francisco’s 9.1 percent annual gain. Recently, the Mortgage Insurance Companies of America reported that homeowners who moved out of default outnumbered those who became newly delinquent in February, which was the first such occurrence since March 2006.”