Mortgage rates rose modestly for the week ending April 11.
According to the latest Freddie Mac Primary Mortgage Market Survey, 30-year fixed mortgage rates increased from 4.08 percent to 4.12 percent in the past week. Last year, the average 30-year rate was 4.42 percent.
Rates for 15-year fixed mortgages were also higher. The increased from 3.56 percent to 3.60 percent. A year ago at this time, the 15-year rate averaged 3.87 percent.
Five-year adjustable-rate mortgage rates jumped from 3.66 percent to 3.80 percent. A year ago, the average five-year ARM rate was 3.61 percent.
“Rates moved up slightly this week while mortgage applications decreased following last week’s jump in rates – indicating borrower sensitivity to changing mortgage rates,” said Sam Khater, Freddie Mac’s chief economist.
“Despite the recent rise, we expect mortgage rates to remain low, in line with the low 10-year treasury yields, boosting homebuyer demand in the next few months.”