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Fixed and ARM Mortgage Rates Rise

Across the board, interest rates on residential loans moved higher this past week. Also rising were indices on adjustable-rate mortgages.

Freddie Mac reported in its Primary Mortgage Market Survey for the week ended Aug. 2 that 30-year fixed rates on single-family loans averaged 4.60 percent.

Long-term mortgage rates rose 6 basis points compared to the preceding seven-day period, while they have soared 67 BPS from the same week last year.

Mortgage Daily’s analysis of Treasury market activity suggests fixed mortgage rates won’t be much different in Freddie’s next survey.

A plurality of panelists surveyed by Bankrate.com for the week Aug. 1 to Aug. 7 predicted mortgage rates will rise at least 3 BPS over the next week. The remaining 58 percent were evenly split over whether rates would fall or remain where they were.

Jumbo rates were
18 BPS more than conforming rates in the U.S. Mortgage Market Index from Mortgage Daily and OpenClose for the week ended July 27, widening from 11 BPS the previous week.

At 4.08 percent, fifteen-year fixed rates were 6 BPS more than in Freddie survey for the week ended July 26. The spread between 15- and 30-year rates remained at 52 BPS.

Freddie reported that five-year, Treasury-indexed, hybrid ARMs averaged 3.93 percent, 6 BPS more than in last week’s survey.

Hybrid ARMs adjust based on the one-year Treasury note yield, which closed Thursday at 2.45 percent, the Treasury Department reported. The one-year yield was up from 2.41 seven days earlier.

Bankrate.com reported the six-month London Interbank Offered Rate at 2.53 percent as of Wednesday, up a basis point from the preceding Wednesday.

The Federal Reserve Bank of New York reported the Secured Overnight Financing Rate at
1.88 percent as of Wednesday, up from 1.87 percent seven days earlier.

The 11th District Cost of Funds Index was reported by the Federal Home Loan Bank of San Francisco at 0.934 percent for June, up from 0.885 percent a month earlier.

ARM share was
18.8 percent in the latest Mortgage Market Index report, widening from 15.1 percent the prior week.

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