Mortgage rates moved higher for the third straight week, rising to levels not seen since November, mortgage financier Freddie Mac said today.
“Long-term fixed mortgage rates trended up for a third week, bringing rates on 30-year and 15-year fixed-rate mortgages back to their levels of last November,” said Frank Nothaft, Freddie Mac vice president and chief economist.
“Refinancing activities, which had surged to a 12-month high in January, according to Freddie Mac’s monthly refi share report, are likely to ebb following this recent rise in rates.”
The traditional 30-year fixed-rate mortgage averaged 6.24 percent for the week ending February 28, up from 6.04 percent last week, while the 15-year climbed to 5.72 percent from 5.64 percent.
Interest rates on adjustable-rate mortgages suffered also, with the 5-year Treasury ARM averaging 5.43 percent, up from 5.37 percent, while the one-year moved to 5.11 percent from 4.98 percent.
A year ago, the 30-year averaged 6.18 percent, the 15-year 5.92 percent, the five-year 5.93 percent, and the one-year 5.49 percent.
Learn more about what makes interest rates move.
See more data in Freddie Mac’s Weekly Primary Mortgage Market Survey archives.
(photo: caseywest)
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