Mortgage Rates Hit Four and Five Year Highs
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Mortgage interest rates hit another recent high water mark
during the week ended April 13 and 14 according to both Freddie Mac and the
Mortgage Bankers Association respectively.
Freddie Mac's Weekly Primary Mortgage Market Survey reported that the average
30-year fixed rate among the lenders it surveys was 6.49 percent. This was the
highest level achieved by the benchmark product since July
2002 when the monthly average was also at 6.49 percent. This was an increase
of 6 basis points over the previous week. Fees and points were unchanged at
0.6.
The 1-year adjustable rate mortgage also hit its highest level in many months,
averaging 5.61 percent. These mortgages have not been at this level since August
2001 when the average for the month was 5.71 percent. Last week the 1-year was
at 5.57 percent. Fees and points did move downward from 0.7 to 0.6 over the
week.
The 15 year fixed rate loan was up four basis points to 6.14 percent with fees
and points remaining at 0.5.
The 5/1-year adjustable rate mortgage moved from 6.11 to 6.13 percent and fees
and points increased from 0.6 to 0.7.
The Mortgage Bankers Association's Weekly Mortgage Applications Survey
reported the contract interest rate for 30-year fixed-rate mortgages averaged
6.56 percent, up from 6.50 percent the previous week. Points, including the
origination fee, dropped to 1.10 from 1.20. The 15-year fixed-rate mortgage
moved upward two basis points to 6.19 percent and points increased to 1.22 from
1.16. The 1-year ARM increased from 5.97 percent to an even 6.0 with points
up from 0.84 to 0.86. All MBA figures are for 80 percent loan to value mortgages.
Mortgage application activity was down 1.7 percent on a seasonally adjusted
basis from the week of April 7 and 1.4 percent on an unadjusted basis. Activity
was 14.9 percent less than the same period one year ago.
Refinancing as a share of all mortgage applications increased slightly, from
36 percent to 36.4 percent and adjustable rate mortgage applications also increased
to 28.9 percent of all applications from 28.6 percent the previous week.
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