Get Your Mortgage Rate Quote in Just 30 Seconds

Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below.

Rates Drift Higher, Apps Lower

Rates Drift Higher, Apps Lower

Average 30-year 6.17%

April 5, 2007


photo of Coco Salazar
Requests for mortgages edged down while rates slowly headed higher again.

The 30-year fixed-rate mortgage averaged 6.17%, only 1 basis point above last week, Freddie Mac’s latest survey of 125 mortgage-lending companies, thrifts and commercial banks showed. At this time a year ago, the average was 6.43%.

“Mortgage rates have remained within a narrow band of 0.1 percentage points over every week in March,” said Frank Nothaft, Freddie chief economist, in an announcement. “This relative stability is due to mixed economic data releases as to how strong the economy is and whether future inflation will recede.

“Looking forward, the upcoming March employment report and producer price index should offer further insight into the current state of the economy and give us an idea where interest rates are headed in the future.”

For the quarter, the Mortgage Bankers Association sees the 30-year averaging 6.4%, while the National Association of Realtors has it at 6.5%, according to their latest outlooks.

At 5.87%, the 15-year average also edged up 1 BPS over the level a week ago, Freddie said.

The long-term mortgage rate benchmark, the 10-year Treasury note, yielded 4.67% late today, climbing from 4.63% last Thursday.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage reportedly averaged 5.92%, rising 4 BPS from a week earlier.

The 1-year Treasury-indexed ARM averaged 5.44%, or 1 BPS more than last week, Freddie reported. The index, or 1-year T-bill, inched up 2 BPS within a week to 4.92% Wednesday, according to Federal Reserve data.

ARM share edged down to 19%, MBA reported Wednesday.

During the last week of March, originators completed about 3 percent fewer mortgage applications, as refinance requests fell 5 percent from the prior week and purchase money loan demand decreased 2 percent, MBA said. The refinance share of mortgage applications remained at 45%.


Coco Salazar is an assistant editor and staff writer for

next story

back to current headlines

Popular posts

7 Refinance Strategies
7 Refinance Strategies

Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...

7 Refinance Strategies
Is Refinancing With Your Present Lender Preferable?

Do Not Accept the First Refinancing Offer You Receive Homeowners should not accept the first refinancing rate provided to them. This is particularly important if you are applying with your existing lender. Some mortgage lenders have mechanisms in place that prioritize...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

Fannie Mae Profile

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC...