Interest rates on fixed-rate mortgages rose marginally as adjustable-rate mortgages saw limited improvement for the week ending April 3, mortgage financier Freddie Mac said today.
The benchmark 30-year fixed mortgage averaged 5.88 percent this week, up from 5.85 percent, while the 15-year climbed to 5.42 percent from 5.34 percent, the second rise in as many weeks.
Adjustable-rate mortgages were a different story, improving from a week ago despite being far from competitive compared to their fixed-rate brethren.
The one-year ARM averaged 5.19 percent this week, down from 5.24 percent last week, while the 5/1 ARM dipped to 5.59 percent from 5.67 percent.
A year ago, the 30-year averaged 6.17 percent, the 15-year 5.87 percent, the one-year ARM 5.44 percent, and the 5/1 ARM 5.92 percent.
(photo: janthemanson)
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