Survey Shows 30-Year Rates Reversing Course and Rising Again

Freddie Macs latest primarily market survey shows the average rate for a 30-year mortgage has reversed course after a decline the previous week and risen by eight basis points to 4.39%.

The average 15-year FRM rate during the survey week ending Aug. 1 was up four basis points at 3.43% and the average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage was up two basis points at 3.18%.

“Mortgage rates rose slightly leading up to the Federal Reserve’s monetary policy statement this week, said Freddie Mac vice president and chief economist Frank Nothaft in his weekly rate report. The statement indicated no change in monetary policy. The Fed indicated that the economy expanded at a modest pace, but the unemployment rate remains elevated.

Only the average rate for one-year Treasury ARMs was lower in the most recent week, and that fell by only one basis point to 2.64%.

During the week ending Aug. 1, points averaged 0.4 of a point for one-year Treasury ARMs, 0.6 of a point for five-year Treasury hybrids, and 0.7 of a point for 15- and 30-year FRMs.

A year ago, the average weekly 30-year FRM rate was 3.55%, the average weekly 15-year FRM rate was 2.83%, the average weekly five-year hybrid Treasury rate was 2.75% and the average weekly one-year Treasury ARM rate was 2.7%.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Thirty-Year-Rates-Reversing-Course-1037927-1.html

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