US Mortgage Rates Rise Slightly

The 15-year FRM this week averaged 5.60 percent with an average 0.5 point, upfrom last week when it averaged 5.47 percent.  A year ago at this time, the 15-year FRM averaged 5.88 percent. 

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.58 percent this week, with an average 0.6 point, up from last week when it averaged 5.34 percent.  A year ago, the 5-year ARM averaged 5.90 percent. 

One-year Treasury-indexed ARMs averaged 5.14 percent this week with an average 0.7 point, up from last week when it was 4.94 percent.  At this time last year, the 1-year ARM averaged 5.42 percent (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

“Average mortgage rates were up for all loan products reported,” said Frank Nothaft, Freddie Mac vice president and chief economist. “However, for the first 11 weeks so far this year, the average 30-year fixed rate is still below 5.9 percent, and the average 30-year rate in January was the lowest since July 2005.

“The combination of lower house prices and lower mortgage rates contributed to a more affordable market for homebuyers. The National Association of Realtors® reported that January’s Pending Home Sales Index held unchanged from December, contrary to the consensus expectation of a 1 percent slide, signaling that existing home sales in February could hold steady from January’s level.”

Freddie Mac Region	PMMS Weights
Northeast	23.9
Southeast	20.4
North Central	14.3
Southwest	11.0
West	30.3

PRIMARY MORTGAGE MARKET SURVEY RESULTS