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| Fixed rates rose as 1003 applications declined.
The average 30-year fixed rate mortgage was 5.72% for the week ending Feb. 14, Freddie Mac reported in its Primary Mortgage Market Survey. The 30-year rose from 5.67% a week earlier but still stood below 6.30% a year earlier. The average 15-year fixed rate rose 10 basis points to 5.25%, according to Freddie. The 10-year Treasury, a benchmark for fixed mortgage rates, yielded 3.78% early today, about 0.14% higher than last Thursday. Fixed rates are likely to continue worsening, according to a plurality of the mortgage bankers, mortgage brokers and others in the industry surveyed by Bankrate.com for the period Feb. 14 to Feb. 20. Of the 100 survey respondents, 46 saw rates increasing over the next 45 days, 31 forecasted no change and 23 predicted a decrease. But adjustable-rate mortgages resisted rising. The 5-year Treasury-indexed ARM averaged 5.19%, down from 5.21% the prior week, Freddie said. The average 1-year Treasury-indexed ARM was 5.03% — unchanged from seven days earlier, the survey indicated. The 1-year Treasury itself yielded 2.03% yesterday, down 0.02% from a week earlier. Another ARM index, the 6-month London Interbank Offered Rate — or LIBOR, stood at 2.96% yesterday, about 15 BPS lower than a week earlier, according to Bankrate.com. The more favorable movements in ARM rates helped push the share of ARM applications up to 10% of all applications tracked in the Mortgage Bankers Association Mortgage Applications Survey for the week ending Feb. 8 from 9% a week earlier. MBA said overall applications edged 2% lower during the latest week, with purchase applications off fractionally and refinance applications down 3%. The share of applications for refinance was 67%, down from 69% the previous week. |
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