A slow week for economic news led to relative flatness in mortgage rates to kick off April.
Freddie Mac [1] 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 [2] was revised up slightly to 2.6 percent growth in the fourth quarter of 2013.”
Meanwhile, finance website Bankrate.com [3] 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.”