Although mortgage rates grew for the third consecutive week, they still remain near lows experienced in late May 2013, the latest Freddie Mac Primary Mortgage Rate Survey found.
The 30-year, fixed-rate mortgage averaged 3.80% for the week ended Feb. 26, up from last week’s 3.76%. A year ago, it averaged 4.37%.
The 15-year, fixed-rate mortgage increased to 3.07%, compared to 3.05% a week ago. In 2014, it came in at 3.39%.
Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage grew from 2.97% last week to 2.99%. A year ago, the 5-year ARM averaged 3.05%.
The 1-year Treasury-indexed ARM averaged 2.44%, down from 2.45% last week, and 2.52% a year ago.
“Mortgage rates rose for the third consecutive week in February following solid housing data. New home sales beat market expectations at an annual pace of 481,000 units, down slightly from 482,000 units in December, but up 5.3% from a year ago. Also, the S&P/Case-Shiller National House Price Index rose 4.6% over the 12-months ending in December 2014,” said Len Kiefer, deputy chief economist with Freddie Mac.
On the other hand, Bankrate reported mortgage rates dropping after last week's increase, with the benchmark 30-year fixed mortgage rate pulling back to 3.90%.
The 15-year fixed dropped to 3.15%, down from 3.21% last week, while the 5/1 ARM dipped to 3.22%, down from 3.31% last week.
read more: http://www.housingwire.com/articles/33077-freddie-mac-mortgage-rates-increase-three-weeks-straight
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