Mortgage rates climbed back over that psychological five-percent threshold this week, according to government mortgage financier Freddie Mac.
The popular 30-year fixed averaged 5.05 percent during the week ending February 25, up from 4.93 percent last week, but slightly below the 5.07 percent seen a year ago.
The 15-year fixed trended higher as well, climbing to 4.40 percent from 4.33 percent, and now sits just below the 4.68 percent seen a year earlier.
“Interest rates for 30-year fixed mortgages followed long-term bond yields higher and rose above 5 percent this week amid a mixed set of economic data reports” said Frank Nothaft, Freddie Mac vice president and chief economist, in a press release.
“For instance, the January producer price index jumped well above the market consensus, but the consumer price index remained subdued and consumer confidence declined to the lowest level since April 2009, according to the Conference Board.”
“New home sales, however, unexpectedly slowed in January to the smallest pace since records began in 1963, and the supply of homes at the current sales rate rose to 9.1 months, the most since May 2009.”
See how economic activity affects mortgage rates.
Adjustable-rate mortgages were a mixed bag, with the five-year ARM climbing to 4.16 percent from 4.12 percent, while the one-year ARM dipped to 4.15 percent from 4.23 percent.
A year ago, the five-year averaged 5.06 percent and the one-year stood at 4.81 percent.
The mortgage rates above are good for conforming loan amounts at 80 percent loan to value; pricing adjustments may lower or raise your actual contract rate.
Jumbo loans continue to price a percentage point or higher than conforming loans.
(photo: ginnerobot)
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