Freddie Survey Confirms Rising Rates

Rising bond yields have pushed the weekly average rate for 30-year fixed-rate mortgages to its highest level in eight months, according to this week's Freddie Mac Primary Mortgage Market Survey. "Once again, mortgage rates followed bond yields higher amid a positive March employment report," said Frank Nothaft, Freddie Mac vice president and chief economist. The average 30-year FRM rate during the week ended April 8 was 5.21%, up from 5.08% the week before and from 4.87% a year ago. The average rate for a 15-year FRM was 4.52%, up from 4.39% the previous week but down slightly from 4.54% a year ago. This was the highest the average weekly 15-year FRM rate has been since Dec. 31, 2009. The average rate for a five-year hybrid Treasury-indexed adjustable-rate mortgage was 4.25% during the most recent week, up from 4.10% the previous week but down from 4.93% a year ago. The average one-year Treasury ARM rate for the latest week was 4.14%, up from 4.05% a week ago but down from 4.83% a year ago. Average points were 0.6 for all the aforementioned products except one-year Treasury ARMs, for which average points were 0.5.