Mortgage Rates Rose Following Bond Yields

September 1, 2010
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Mortgage Rates Inch up Following Bond Yields

Freddie Mac made public the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.99 percent with an average 0.6 point for the week ending March 25, 2010, somewhat rose from last week when it averaged 4.96 percent.

The 15-year FRM this week averaged 4.34 percent with an average 0.6 point, somewhat rose from last week when it averaged 4.33 percent. A year ago at this time, the 15-year FRM averaged 4.58 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.14 percent this week, with an average 0.6 point, higher from last week when it averaged 4.09 percent.

The 1-year Treasury-indexed ARM averaged 4.20 percent this week with an average 0.6 point, up from last week when it averaged 4.12 percent.

According to Frank Nothaft, Freddie Mac vice president and chief economist, “Mortgage rates inched up slightly this week as bond yields rose even further.” “Interest rates on 30-year fixed mortgages, however, were still below 5 percent for the fourth consecutive week.”

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