Rates were on the rise in the latest Primary Mortgage Market Survey published by Freddie Mac.
The 30-year fixed-rate mortgage (FRM) averaged 4.12 percent for the week ending April 11, up from last week
when it averaged 4.08 percent. A year ago at this time, the 30-year FRM averaged 4.42 percent. The 15-year FRM this week averaged 3.60 percent, up from last week
when it averaged 3.56 percent. A year ago at this time, the 15-year FRM averaged 3.87 percent.
And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.80 percent, up from last week
when it averaged 3.66 percent. A year ago at this time, the five-year ARM averaged 3.61 percent.
“Rates moved up slightly this week while mortgage applications decreased following last week’s jump in rates, indicating borrower sensitivity to changing mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite the recent rise, we expect mortgage rates to remain low, in line with the low 10-year treasury yields, boosting homebuyer demand in the next few months.”