Wilbur Ross quits Ocwen Financial

Wilbur Ross quits Ocwen Financial

Distressed asset investor bringing his magic to Bank of Cyprus

Dustin Johnson levels blockbuster claims at title attorneys

Is Nat Hardwick the fall guy?

CFPB proposes 7 big changes to foreclosure process for mortgage servicers

Adds guidance on extended borrower protections
W S

And So it Begins: Weekly Mortgage Rates Jump

/ Print / Reprints /
| Share More
/ Text Size+
One day after the Federal Reserve’s $1.25trn mortgage-backed securities (MBS) purchase program came to a close, mortgage rates were up in two weekly surveys. Freddie Mac’s (FRE) weekly survey put the average rate for a 30-year fixed-rate mortgage (FRM) at 5.08% with an average 0.7 origination point for the week ending April 1, up from last week’s average of 4.99%. At this time last year, the average rate was 4.78%. Bankrate.com’s survey of large banks and thrifts put the 30-year FRM at 5.23% with an average 0.4 origination point, up from last week’s average of 5.11%. “Interest rates for fixed mortgages rose this week following a run up in long-term bond yields, while ARM rates eased slightly,” said Freddie Mac vice president and chief economist Frank Nothaft. “Rates on 30-year fixed loans were the highest since the starting week of this year. The 15-year FRM averaged 4.39% with an average 0.6 point, up from last week’s average of 4.34%. Last year, the average rate for a 15-year FRM was 4.52%. Bankrate.com put the 15-year FRM at 4.53% with an average 0.4 origination point, up from 4.47%. Freddie put the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.1% with an average 0.6 origination point, down from last week when it averaged 4.14%. Last year, the five-year ARM averaged 4.92%. Bankrate.com said the five-year ARM averaged 4.51% with an average 0.4 origination point. Freddie said the one-year Treasury-indexed ARM averaged 4.05% with an average 0.6 point, down from last week when it averaged 4.2% and last year when it averaged 4.75%. Write to Austin Kilgore. The author held no relevant investments.

Recent Articles by Austin Kilgore

Comments powered by Disqus