Mortgage Rates Reverse Four Week Decline

Mortgage rates rose slightly during the week ended April 9, ending a two week run of record lows but still staying comfortably under 5 percent.

According to Freddie Mac’s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.87 percent with 0.7 point, up from the new record of 4.78 percent with 0.7 point established last week.

The 15-year FRM averaged 4.54 percent, up two basis points from the previous week which had also set a new record.  Fees and points averaged 0.7 point both last week and the current week.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) eked out a single basis point increase to average 4.93 percent.  Fees and points were unchanged at 0.7 point.

One-year Treasury-indexed ARMs averaged 4.83 percent this week with an average 0.5 point, up from last week when it averaged 4.75 percent with 0.6 point.