Mortgage Rates in the U.S. Increase to 4.28 Percent

Mortgage Rates in the U.S. Increase to 4.28 Percent

Residential News » North America Residential News Edition | By WPJ Staff | February 13, 2014 10:45 AM ET

Mortgage rates in the U.S. increased slightly after four weeks of declines, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 4.28 percent this week, up from 4.23 percent last week. At this time a year ago, the average was 3.53 percent. 
Mortgage rates were little changed amid a week of light economic reports. 

"Of the few releases, the economy added 113,000 jobs in January, which was below the market consensus forecast and followed a slight upward revision of 1,000 jobs in December," Frank Nothaft, vice president and chief economist, Freddie Mac, said in the report. "Meanwhile, the unemployment rate fell to 6.6 percent, which makes thirteen consecutive months without an increase."

The 15-year fixed-rate mortgage was 3.33 percent this week, unchanged from last week. Last year at this time, the average was 2.77 percent. 

The one-year treasury-indexed ARM averaged 2.55 percent this week, up from 2.51 percent last week. 

Yesterday, the Mortgage Bankers Association reported a decrease in mortgage applications last week, after increasing the previous week. 

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