Freddie Mac: Mortgage Loan Rates Pulling Back

Before you go, we thought you'd like these...

Home securityIn its weekly Primary Mortgage Market Survey, home lending giant Freddie Mac reported that mortgage rates for fixed-rate loans have pulled back a little following five weeks of increases.

The interest rate on a 30-year fixed-rate mortgage fell from a prior week average of 4.58% to 4.51%, still well above the rate of 3.59% in the same week a year ago.

One year ago the 15-year fixed-rate mortgage rate stood at 2.86%. That rate also fell this week, from 3.5% last week to 3.39%.

The interest rate on a 5-year Treasury hybrid adjustable-rate mortgage loan rose from 3.21% a week ago to 3.24%, and is up from 2.78% in the same week a year ago. The 1-year Treasury-indexed adjustable-rate mortgage loan interest rate also slid, from 2.67% in the prior week to 2.64%. The 1-year rate averaged 2.63% a year ago.

According to Wednesday's data from the Mortgage Bankers Association, new loan applications slipped 2.5% last week, as refinancings fell to 60% of all applications. Rising housing prices, low inventory, and rising mortgage loan rates are conspiring to keep the housing market recovery at a slow, but steady pace.


Filed under: Housing
Read Full Story

People are Reading