Thursday, April 8, 2010

Mortgage interest rates at highest level in eight months

Rates haven't been this high since Aug. 13 2009, as mortgage rates followed bond yields higher, amid a positive March employment report, according to Freddie Mac.

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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