Mortgage Rates Follow Bond Yields Higher
March 15, 2012
Mortgage rates moved higher amid positive jobs data and increasing bond yields, according to the latest Freddie Mac Primary Mortgage Market Survey. Despite the increase, the average 30-year fixed rate mortgage (FRM) has been below 4 percent for 15 consecutive weeks helping to keep homebuyer affordability high.
The 30-year FRM averaged 3.92 percent with an average 0.8 point for the week ending March 15, up from last week when it averaged 3.88 percent. Last year at this time, the 30-year FRM averaged 4.76 percent.
Meanwhile, 15-year FRM this week averaged 3.16 percent with an average 0.8 point, up from last week when it averaged 3.13 percent. A year ago at this time, the 15-year FRM averaged 3.97 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week, with an average 0.8 point, up from last week when it averaged 2.81 percent. A year ago, the 5-year ARM averaged 3.57 percent.
The 1-year Treasury-indexed ARM averaged 2.79 percent this week with an average 0.6 point, up from last week when it averaged 2.73 percent. At this time last year, the 1-year ARM averaged 3.17 percent.