mortgage rate 3

Freddie Mac released the results of its Primary Mortgage Market Survey showing average fixed mortgage rates rose slightly, but remaining well below 4 percent as we head into the heart of the spring homebuying season.

“Treasury yields marched higher this week. As a result, the 30-year mortgage rate jumped 7 basis points to 3.66 percent. The Federal Reserve’s decision to leave the Federal funds rate unchanged triggered a 9 basis point drop in the 10-year Treasury yield on Wednesday, however the drop occurred too late to impact this week’s survey.” said Sean Becketti, chief economist, Freddie Mac.

Average 30-year fixed mortgage rate rose to 3.66 percent from last week(3.59 percent). A year ago at this time, the 30-year FRM averaged 3.68 percent.

15-year FRM this week averaged 2.89 percent with an average 0.6 point, up from last week when it averaged 2.85 percent. A year ago at this time, the 15-year FRM averaged 2.94 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.86 percent this week with an average 0.5 point, up from last week when it averaged 2.81 percent. A year ago, the 5-year ARM averaged 2.85 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.

Source:Freddie Mac

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