Industry News

Mortgage rates end week higher

Markets await release of March jobs report
Published on Apr 5, 2007

Although mortgage rates were up only slightly this week, tomorrow's labor market report should provide a better idea of where interest rates are headed, Freddie Mac and Bankrate.com reported today in their weekly surveys. In Freddie Mac's survey, the 30-year fixed-rate mortgage edged up to an average 6.17 percent from last week's 6.16 percent, and the 15-year fixed-rate mortgage gained from 5.86 percent to 5.87 percent. Points, which are fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30-year and 0.5 on the 15-year loans. Freddie Mac reported that the average rates on adjustable loans also increased this week, with the five-year Treasury-indexed hybrid ARM rising to 5.92 percent and the one-year Treasury-indexed ARM growing to 5.44 percent. "Mortgage rates have remained within a narrow band of 0.1 percentage points over every week in March," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. "Thi...

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