Freddie Mac: Mortgage Rates Saw Significant Jump

Freddie Mac: Mortgage Rates Saw Significant Jump

Higher short-term rates tend to push up mortgage rates.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.23 percent, an increase from last week's 3.14 percent.

"For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent", Sean Becketti, Freddie Mac chief economist, said in a statement.

According to Freddie Mac, 30-year fixed-rate mortgages now ask 4.21 percent per year on average, up from 4.1 percent a week ago. However, in early Friday trading, the bond market was calm, with yields holding mostly steady.

More news: The Marines Nude Photo Scandal Just Took a Turn for the Worst

The Washington-based industry group said its seasonally adjusted measure of home loan applications rose 3.3 percent to 405.7 in the week ended March 3.

MBA's seasonally adjusted gauge on applications to refinance an existing home loan gained 5.2 percent to 1,357.6, the highest since the week of December 16, 2016. ARMs like the 5/1 mentioned here are loans with starter rates, which increase after a set period, in this case five years.

Likewise, the 15-year FRM increased to 3.42%, up from 3.32% last week and 2.96% last year. Shorter term, popular 15 year refi loan deals stand at 2.75% at the bank and April of 3.239% today. A year ago at this time, the 15-year FRM averaged 2.96%. ARM interest rates in the 10 year category stand at 4.190% today with an April of 4.225%. 7 year Adjustable Rate Mortgages are being offered for 3.875% now yielding an April of 4.045% to start.

Related Articles

  • Uber driver attacked on San Francisco freeway

    Uber driver attacked on San Francisco freeway

    Before Alex exited his vehicle , one of the bikers in a red sweatshirt began punching the rear side windows of the Toyota. Witnesses to the incident were interviewed and a video showing the altercation was obtained and booked into evidence.
    NYC Snow Totals: How Many Inches Fell Friday?

    NYC Snow Totals: How Many Inches Fell Friday?

    Light and variable winds 10 to 15 miles per hour are expected, with wind gusts as high as 20 miles per hour . Sunday , A 30% chance of showers especially into the mountains.
    Marathon Oil Corporation (NYSE:MRO) Chalking Up Volume in Session

    Marathon Oil Corporation (NYSE:MRO) Chalking Up Volume in Session

    Wealthfront Inc. acquired a new stake in shares of Marathon Oil during the second quarter worth approximately $258,000. For the past 5 years, the company's revenue has grown 2.3%, while the company's earnings per share has grown -25.3%.
  • Six Nations 2017: Ireland ready for Cardiff noise - Best

    Six Nations 2017: Ireland ready for Cardiff noise - Best

    He had barely made it to the dressing room when Wales took the lead with North's second try of the championship. Conor Murray soldiered on after extended physio treatment but was clearly impeded by an apparent arm injury.
    'Fearless Girl': New statue stares down Wall Street's bull

    'Fearless Girl': New statue stares down Wall Street's bull

    They will also send out letters to more than 3,000 companies asking them to act on the issue. State Street is aiming to keep the statue of the girl up for at least a month.
    Hilton Named to 2017 Fortune 100 Best Companies to Work For® List

    Hilton Named to 2017 Fortune 100 Best Companies to Work For® List

    Data for the rankings is compiled through anonymous employee surveys as well as other information gleaned from companies. The selection process includes an employee survey and an in-depth questionnaire about company practices and programs.
  • Liverpool v Burnley: Reds to pass test of mental strength

    Liverpool v Burnley: Reds to pass test of mental strength

    You miss a chance against Arsenal and no-one is surprised. "We need to create an atmosphere and use advantage of Anfield ". Burnley hosted Liverpool in the second week of this season's Premier League at Turf Moor and came away 2-0 victors.
    Man claiming to be Kim Jong-nam's son records video address

    Man claiming to be Kim Jong-nam's son records video address

    South Korean intelligence and USA officials say Kim Jong-nam's murder was an assassination organised by North Korean agents. Two Malaysians working for the UN World Food Programme were permitted to leave North Korea on Thursday.
    Pope Francis Wants to Consider Ordaining Married Men as Priests

    Pope Francis Wants to Consider Ordaining Married Men as Priests

    In the interview, Francis also confirmed Colombia was on his travel itinerary for 2017, as well as India and Bangladesh. Celibacy comprehends continence as a gift for God, allowing priests to be closer to Christ with their hearts undivided.
  • Students respond to South Korean President's impeachment

    Students respond to South Korean President's impeachment

    Liberal Moon Jae-in, who lost to Park in the 2012 election, now enjoys a comfortable lead in opinion polls. Besides a possible criminal trial for Ms Park, there is also the ongoing prosecution of Ms Choi.
    Deadpool 2 casts Atlanta star Zazie Beetz as Domino

    Deadpool 2 casts Atlanta star Zazie Beetz as Domino

    Domino, aka Neena Thurman, first appeared in the X-Force comics in 1992, according to Marvel's Wiki. It looks like one of the biggest questions about Deadpool 2 has finally been answered.
    13 new Bay Area nonstop flights

    13 new Bay Area nonstop flights

    The new Alaska Airlines routes will run between San Francisco and Albuquerque, New Mexico; Kansas City, Missouri; and Mexico City. Virgin's network operated as a point-to-point system built around the San Francisco and Los Angeles metro areas.