Mortgage rates edge up to 4.37% on 30-year FRM
Continued slow growth expected
Average fixed mortgage rates climbed following a week with little new economic and housing news, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 4.37% with an average 0.6 point for the week ending March 13, 2014, up from last week when it averaged 4.28%.
A year ago at this time, the 30-year FRM averaged 3.63%.
“Mortgage rates edged up amid a week of light economic reports. Of the few releases, the economy added 175,000 jobs in February, which was above the market consensus forecast and followed an upward revision of 25,000 jobs for the prior two months. Meanwhile, the unemployment rate nudged up to 6.7%, the first rate increase in over a year,” said Frank Nothaft, vice president and chief economist at Freddie Mac.
15-year FRM this week averaged 3.38% with an average 0.6 point, up from last week when it averaged 3.32%. A year ago at this time, the 15-year FRM averaged 2.79%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.09% this week with an average 0.4 point, up from last week when it averaged 3.03%. A year ago, the 5-year ARM averaged 2.61%.
The 1-year Treasury-indexed ARM averaged 2.48% this week with an average 0.4 point, down from last week when it averaged 2.52%. At this time last year, the 1-year ARM averaged 2.64%.