Houston Mortgage Rates: 30-Year Fixed Mortgage Rates Highest Since April

Houston Mortgage Rates: 30-Year Fixed Mortgage Rates Highest Since April

http://online.wsj.com/article/BT-CO-20110210-712720.html

Mortgage rates rose in the latest week, with the average rate on 30-year fixed-rate mortgages climbing to the highest level since April of last year, according to Freddie Mac’s weekly survey of mortgage rates. “Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week,” said Freddie Chief Economist Frank Nothaft.

Rates slumped through most of last year as yields on Treasurys declined amid economic uncertainty. But yields have been on the rise recently, prompting mortgage rates back up. The rates generally track the yields, which move inversely to Treasury prices.

The 30-year fixed-rate mortgage averaged 5.05% for the week ended Thursday, up slightly from the prior week’s 4.81% average and above the 4.97% level seen a year ago. They are now at the highest level since the last week of April 2010. Rates on 15-year fixed-rate mortgages were 4.29%, up from 4.08% in the previous week but down from 4.34% a year earlier.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.92%, up from the prior week’s 3.69% but down from 4.19% a year earlier. One-year Treasury-indexed ARMs were 3.35%, up from 3.26% but down from 4.33%, respectively. To obtain the rates, the fixed-rate mortgages required payment of an average 0.7 point and the others required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.

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