The average 30-year, fixed mortgage rate ramped back up above 4 percent this week after wandering below 4 percent last week, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The 30-year, fixed mortgage rate averaged 4.03 percent.
“The 10-year Treasury yield rose about 10 basis points this week,” says Sean Becketti, chief economist at Freddie Mac. “The 30-year mortgage rate moved with Treasury yields, rising six basis points to 4.03 percent.”
Per the survey, the 15-year, fixed mortgage rate averaged 3.27 percent, while the 5-year Treasury-indexed hybrid adjustable mortgage rate averaged 3.12 percent.
Last week’s dip below 4 percent was the first time the 30-year, fixed mortgage rate averaged lower than 4 percent since the election in November, when it broke through the mark.
“Despite recent swings in mortgage rates, the housing market continues to show signs of strength—both existing– and new-home sales in March exceeded expectations, and the Case-Shiller Home Price Index posted another solid gain,” Becketti says.
Source: Freddie Mac