Average fixed mortgage rates moved higher amid a strong employment report, according to Freddie Mac, but fixed-rate mortgages rates still remain near their May 23, 2013 lows.
“Mortgage rates rose for the second consecutive week as 10-year Treasury yields surged. Housing starts declined 2% to a seasonally adjusted pace of 1.065 million units and housing permits dipped 0.7% in January,” said Len Kiefer, deputy chief economist for Freddie Mac. “However, homebuilders remain confident about new home sales although slightly tempered from last month as the NAHB Housing Market Index slipped 2 points to 55 in February.”
According to Freddie, 30-year fixed-rate mortgage averaged 3.76% with an average 0.6 point for the week ending February 19, 2015, up from last week when it averaged 3.69%. A year ago at this time, the 30-year FRM averaged 4.33%.
The 15-year FRM this week averaged 3.05% with an average 0.6 point, up from last week when it averaged 2.99%. A year ago at this time, the 15-year FRM averaged 3.35%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.97% this week with an average 0.5 point, up from last week when it averaged 2.97%. A year ago, the 5-year ARM averaged 3.08%.
The 1-year Treasury-indexed ARM averaged 2.45% this week with an average 0.4 point, up from last week when it averaged 2.42%. At this time last year, the 1-year ARM averaged 2.75%.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.