Mortgage Rates Little Changed in Light News Week

A slow week for economic news led to relative flatness in mortgage rates to kick off April.

Freddie Mac released Thursday the results of its latest weekly Primary Mortgage Market Survey, showing the average rate on a 30-year fixed-rate mortgage (FRM) coming up to 4.41 percent (0.7 point) for the week ending April 3—a minor increase from 4.40 percent last week. A year ago at this time, the 30-year FRM averaged 3.54 percent.

The 15-year FRM was up slightly higher, averaging 3.47 percent (0.6 point) from 3.42 percent a week ago.

Changes in adjustable rates were also small: The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent (0.5 point) this week, up from 3.10 percent previously, while the 1-year ARM moved up to 2.45 percent (0.4 point) from 2.44 percent.

“Mortgage rates were little changed amid a week of light economic reports,” said Frank Nothaft, VP and chief economist for Freddie Mac. “Of the few releases, real GDP was revised up slightly to 2.6 percent growth in the fourth quarter of 2013.”

Meanwhile, finance website Bankrate.com reported the 30-year fixed rate at an average 4.54 percent for the week (up 3 basis points), with the 15-year fixed settling at 3.58 percent (up 2 basis points).

While the increases bring fixed rates to their highest level since mid-January, experts at Bankrate say the record “is more a testament to how tame rates have been during that time.”

“But we have seen a slight uptrend over the past two weeks, particularly with economic and geopolitical jitters waning,” Bankrate said in a release. “Whether the upcoming jobs report keeps this trend intact, or surfaces renewed economic concerns, will determine the next move for mortgage rates.”