Residential financing rates hold steady week-over-week
Posted on Thursday, April 3, 2014 at 10:08:16 AM
Residential financing rates constantly tick up or down depending on new information being released on the U.S. economy and the housing market.
Recently, these mortgage rates have held relatively steady, according to Freddie Mac's Primary Mortgage Market Survey. For example, the 30-year fixed-rate mortgage averaged 4.41 percent for the week ending April 3, compared to 4.40 percent last week. A year ago, however, the average was only 3.54 percent. Similarly, the 15-year FRM averaged 3.47 percent this week, barely higher than last week's 3.42 percent.
"Mortgage rates were little changed amid a week of light economic reports," explained Frank Nothaft, vice president and chief economist at Freddie Mac. "Of the few releases, real GDP was revised up slightly to 2.6 percent growth in the fourth quarter of 2013. The private sector added an estimated 191,000 jobs in March, which followed an upward revision of 39,000 jobs in February according to the ADP Research Institute."
In addition, interest in residential financing appears to be holding steady as well, the Mortgage Bankers Association noted. Mortgage purchase applications ticked down slightly week-over-week on March 28, slipping 1.2 percent. The Refinance Index also decreased over that time, down 3 percent.