Residential financing rates swing up toward end of April
Posted on Friday, April 25, 2014 at 8:25:06 AM
So far in 2014, residential financing rates have fluctuated up and down on the heels of economic data and other conditions present throughout the country.
For the week ending April 24, rates shifted once more, with both the 15-year fixed-rate mortgage and the 30-year variant up slightly. According to Freddie Mac, the former reached 3.39 percent compared to 3.33 percent the week prior, while the 30-year FRM hit 4.33 percent, up from 4.27 percent.
"Mortgage rates edged up following the uptick in the 10-year Treasury note late last week," said Frank Nothaft, chief economist and vice president at Freddie Mac. "Existing home sales were essentially flat with a 0.2 percent decline in March to a seasonally adjusted annual rate of 4.59 million. However, new home sales fell nearly 15 percent in March to an annual rate of 384,000, well below consensus."
In addition, the Mortgage Bankers Association reported that residential financing applications ticked down for the week ending April 18, 3.3 percent lower than the week before. The refinance share of mortgage activity dropped 1 percent to 51 percent of total applications, while adjustable-rate mortgages comprised 9 percent of all the activity noted.