Led by bond yields and improved employment figures for March, average interest rates for all mortgage types increased during the first full week of March, providing little relief for homeowners looking to consolidate debt through mortgage refinancing.
According to the latest Primary Mortgage Market Survey for the week ending April 8, which was released by Freddie Mac on Thursday, the average rate for 30-year fixed-rate mortgages increased by 0.13 percentage points to hit 5.21 percent. One week earlier, the rate had edged above 5 percent following a 0.09 percentage point increase to 5.08 percent.
Similarly, the average rate for 15-year FRMs edged up by 0.13 percentage points as well as it increased to 4.52 percent. One week earlier, the FRM had seen a smaller increase of 0.05 percentage points.
Following a 0.04 percentage point decrease to end April the average rate for 5-year adjustable-rate mortgages negated it with a 0.15 percentage point increase en route to 4.25 percent this week. Similarly, the average rate for 1-year ARMs jumped up by 0.09 percentage points to hit 4.14 percent this week, nearly negating a 0.15 percentage point decline one week earlier.