Mortgage Rates on the Rise Again This Week
Mortgage rates continued to slowly inch upward for the fourth consecutive week, according to Freddie Mac’s weekly mortgage market survey.
“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,” says Frank Nothaft, chief economist at Freddie Mac. “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.”
Here are how rates averaged for the week:
- 30-year fixed-rate mortgages: averaged 4.91 percent, up from last week’s 4.87 percent. Last year at this time, 30-year rates averaged 5.07 percent.
- 15-year fixed-rate mortgages: averaged 4.13 percent, up from last week’s 4.10 percent average. Last year, 15-year rates averaged 4.40 percent at this time.
- 5-year adjustable-rate mortgage: averaged 3.78 percent, an increase from last week’s 3.72 percent average.