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Yellen's Comments Scare Mortgage Rates Up to 4.40 Percent

NationalMortgageProfessional.com
Mar 27, 2014

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates up a bit from last week, as the 30-year fixed-rate mortgage (FRM) averaged 4.40 percent with an average 0.6 point for the week ending March 27, 2014, up from last week when it averaged 4.32 percent. A year ago at this time, the 30-year FRM averaged 3.57 percent. Also this week, the 15-year FRM averaged 3.42 percent with an average 0.6 point, up from last week when it averaged 3.32 percent. A year ago at this time, the 15-year FRM averaged 2.76 percent.  "Mortgage rates rose following the uptick on the 10-year Treasury note after comments by the Federal Reserve Board Chair Janet Yellen indicated a possible increase in interest rates as soon as early 2015," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Also, the S&P/Case-Shiller 20-city composite house price index rose 13.2 percent over the 12-months ending in January 2014." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week with an average 0.5 point, up from last week when it averaged 3.02 percent. A year ago, the five-year ARM averaged 2.68 percent. The one-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.4 point, down from last week when it averaged 2.49 percent. At this time last year, the one-year ARM averaged 2.62 percent. 
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