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Fixed Mortgage Rates Rise in Latest Week

Apr 24, 2014 10:00:00 (ET)

http://www.washingtonpost.com/blogs/where-we-live/wp/2014/04/24/fixed-mortgage-rates-rise-while-adjustable-rates-hold-steady/
By Tess Stynes


Average fixed mortgage rates in the U.S. rose in a week with soft housing data, according to mortgage-finance company Freddie Mac (FMCC).

"Mortgage rates edged up following the uptick in the 10-year Treasury note late last week," Freddie Mac Chief Economist Frank Nothaft said in a statement Thursday.

Recent data also showed that existing home sales were essentially flat with a 0.2% decline in March and that new home sales slid almost 15% in March, coming in well below expectations, Mr. Nothaft noted.

For the week ended Thursday, the 30-year fixed-rate mortgage averaged 4.33%, compared with 4.27% a week earlier and 3.4% a year earlier. Rates on 15-year fixed-rate mortgages averaged 3.39%, compared with 3.33% the previous week and 2.61% a year earlier.

Five-year Treasury-indexed hybrid adjustable-rate mortgages, or ARMs, on average, held steady at 3.03% from the previous week, but were higher than the 2.58% rate a year earlier. One-year Treasury-indexed ARM rates on average were 2.44%, also unchanged from the previous week, but were up from 2.62% a year earlier.


Write to Tess Stynes at [e-mail]


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(END) Dow Jones Newswires

April 24, 2014 10:00 ET (14:00 GMT)