Fixed mortgage rates were up for the third consecutive week, according to new data from Freddie Mac.
The 30-year fixed-rate mortgage (FRM) averaged 4.17 percent for the week ending April 18, up from last week when it averaged 4.12 percent. The 15-year FRM this week averaged 3.62 percent, up from last week when it averaged 3.60 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.78 percent, down from last week when it averaged 3.80 percent.
“After dropping dramatically in late March, mortgage rates have modestly increased since then,” said Sam Khater, Freddie Mac’s Chief Economist. “While this week marks the third consecutive week of rises, purchase activity reached a nine-year high–indicative of a strong spring homebuying season.”