Mortgage Rates Rise Higher but Still Remain Low

RISMEDIA, Friday, April 29, 2016— Average fixed mortgage rates are inching up, but remain well below 4 percent as we head into the heart of the spring homebuying season, according to recently released data from Freddie Mac.

"Treasury yields marched higher this week,” says Sean Becketti, chief economist, Freddie Mac. “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."

The 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.6 point for the week ending April 28, 2016, up from last week when it averaged 3.59 percent. A year ago at this time, the 30-year FRM averaged 3.68 percent.

The 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.

Results show that the 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.

For more information, visit www.freddiemac.com
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Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate