Mortgage rates increased this week, surpassing the 4% mark once again after several weeks of declines.
“The 10-year Treasury yield rose about 10 basis points this week,” Freddie Mac Chief Economist Sean Becketti said. “The 30-year mortgage rate moved with Treasury yields, rising six basis points to 4.03%.”
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(Source: Freddie Mac)
The 30-year fixed-rate mortgage increased to 4.03% for the week ending April 27, 2017. This is up from last week’s 3.97% and from last year’s 3.66%.
The 15-year FRM also increased, hitting 3.27% this week, an increase from last week’s 3.23% and 2.89% last year.
The five-year Treasury-indexed hybrid adjustable-rate mortgage climbed to 3.12%, up from 3.1% last week and 2.86% last year.
“Despite recent swings in mortgage rates, the housing market continues to show signs of strength — both existing and new home sales in March exceeded expectations, and the Case-Shiller Home Price Index posted another solid gain,” Becketti said.