Thirty-Year Mortgage Rates Move Higher

Mortgage interest rates for 30-year fixed loans increased for the first time in seven weeks according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending February 13th, 2014.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages were mixed this week with the 30-year fixed rate mortgage increasing by five basis points to an average of 4.28 percent with an average of 0.7 points. Last week the average rate decreased by nine basis points. A year ago, the 30-year fixed rate mortgage averaged 3.53 percent.

Average 30-year fixed rates were generally the lowest in the Western portion of the United States where mortgage rates averaged 4.25 percent while the highest rates were reported in the Southwestern area of the country where interest rates averaged 4.32 percent.

The average rate for a 15-year fixed mortgage was 3.33 percent this week with an average of 0.7 points, unchanged from last week. At this time last year, the 15-year fixed rate mortgage averaged 2.77 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable-rate mortgages were also mixed this week with the 5-year Treasury-indexed hybrid ARM averaging 3.05 percent, with an average of 0.5 points, down from an average of 3.08 percent last week. The 5-year adjustable rate mortgage averaged 2.64 percent a year ago.

The 1-year Treasury-indexed adjustable rate mortgage averaged 2.55 percent with an average of 0.4 points, up from last week’s average of 2.51 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.61 percent.

Freddie Mac PMMS 02-14-14

Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, Freddie Mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury

Source:
Freddie Mac

Reported by Shirley Allen