According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the average fixed mortgage rate moved higher amid a strong employment report. Regardless, fixed-rate mortgages rates still remain near their May 23, 2013 lows.
Freddie Mac deputy chief economist Len Kiefer, "Mortgage rates rose for the second consecutive week as 10-year Treasury yields surged. Housing starts declined 2 percent to a seasonally adjusted pace of 1.065 million units and housing permits dipped 0.7 percent in January. However, homebuilders remain confident about new home sales although slightly tempered from last month as the NAHB Housing Market Index slipped 2 points to 55 in February."
30-year fixed-rate mortgage (FRM) averaged 3.76 percent with an average 0.6 point for the week ending February 19, 2015, up from last week when it averaged 3.69 percent. A year ago at this time, the 30-year FRM averaged 4.33 percent.
15-year FRM this week averaged 3.05 percent with an average 0.6 point, up from last week when it averaged 2.99 percent. A year ago at this time, the 15-year FRM averaged 3.35 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 3.08 percent.
1-year Treasury-indexed ARM averaged 2.45 percent this week with an average 0.4 point, up from last week when it averaged 2.42 percent. At this time last year, the 1-year ARM averaged 2.57 percent.