Thursday, April 8, 2010
by Broderick Perkins
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Deadline Newsroom - Fixed-rate mortgage (FRM) interest rates rose to an average 5.21 percent, the week ending April 8, up from 5.08 percent last week, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
The rate included an average 0.6 point. Last year, at this time, the 30-year FRMaverage was 5.29 percent.
The rate hasn't been that high since Aug. 13, 2009 when it averaged 5.29 percent.
"Once again, mortgage rates followed bond yields higher amid a positive March employment report" said Frank Nothaft, Freddie Mac vice president and chief economist.
The 15-year FRM this week, averaged 4.52 percent, also up from last week's 4.39 percent average. The rate carried an average 0.6 point. A year ago the 15-year FRM averaged 4.54 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.25 percent the week ending April 8, with an average 0.6 point, up from 4.10 percent from last week. A year ago, the 5-year ARM averaged 4.93 percent.
The 1-year Treasury-indexed ARM averaged 4.14 percent this week, with an average 0.6 point, up from last week's 4.05 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.83 percent.
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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.
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