Freddie Mac Weekly Update: 30-Year Fixed-Rate Mortgage Moves Up to 4.91 Percent

30-year fixed-rate mortgage:
  averaged 4.91 percent with an average 0.6 point for the week ending April 14, 2011, up from last week when it averaged 4.87 percent. Last year at this time, the 30-year FRM averaged 5.07 percent.

The 15-year fixed-rate mortgage:  averaged 4.13 percent with an average 0.7 point, up from last week when it averaged 4.10 percent. A year ago at this time, the 15-year FRM averaged 4.40 percent.  

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.78 percent this week, with an average 0.6 point, up from last week when it averaged 3.72 percent. A year ago, the 5-year ARM averaged 4.08 percent.

One-year Treasury-indexed ARMs: averaged 3.25 percent this week with an average 0.6 point, up  from last week when it averaged 3.22 percent. At this time last year, the 1-year ARM averaged 4.13 percent.  

Freddie Sayz

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac

Mortgage rates edged up following a light week of economic data releases. Although rates on 30-year fixed mortgages have risen four weeks in a row, they have remained below 5 percent for eight straight weeks now, helping to maintain affordability in the housing market. Meanwhile,consumer purchases  of retail goods rose for the ninth consecutive month in March, suggesting families have an increasing capacity to spend, which bodes well for the economic recovery.

Reinforcing this notion, the  Federal Reserve reported  in its April 13th regional economic review that consumer spending picked up modestly in February and March across most Districts. In addition, it noted that economic activity generally continued to improve and that reports focusing on the near-term outlook were most often upbeat

 

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