Mortgage Rates Up On Mixed Economic Data
Average fixed mortgage rates rose slightly higher amid mixed housing and economic reports. Mortgage rates increased this week as yields on government bonds spiked. Still, rates will likely stay low down the road as an economy recovering from a severe winter keeps the Federal Reserve from raising interest rates too soon.
Mortgage Rates For The Week Of 04/30/2015
- 30-Year Fixed Rate Mortgage - The 30-year FRM averaged 3.68% with an average 0.6 in points & fees for week ending 03/12/2015, up from 3.65%. Last year at this time, the 30-year FRM averaged 4.29%.
- 15-Year Fixed Rate Mortgage - The 15-year FRM averaged 2.94% with an average 0.6 in points & fees for week ending 03/12/2015, up from 2.92%. Last year at this time, the 15-year FRM averaged 3.38%.
- 5-Year Adjustable Rate Mortgage - The 5-year ARM averaged 2.85% with an average 0.5 in points & fees for week ending 03/12/2015, up from 2.84%. Last year at this time, the 5-year ARM averaged 3.05%.
- 1-Year Adjustable Rate Mortgage - The 1-year ARM averaged 2.49% with an average 0.4 in points & fees for week ending 03/12/2015, up from 2.44% last week. Last year at this time, the 1-year ARM averaged 2.45%.
After last week's good housing data, the state of the home market looked more conflicted this week. New home sales disappointed in last month falling significantly, while the volume of mortgage applications fell 2.3%. That included a 4 percent decline in refinances and a flat reading on purchase applications.
Those downbeat reports were balanced out by S&P's home price index which showed values in 20 cities increased in 0.9% month over month and 5% year over year. Pending home sales edged up 1.1% the third straight month of increases.
Real GDP grew at a paltry 0.2 percent annualized rate in the first quarter of 2015, well below expectations.