For the first time since October of 2011, average mortgage rates moved up getting more in sync with the increases in U.S. Treasury bond yields. The 30-year fixed mortgage rate surpassed 4% to 4.08% for the week ending March 22. This was an increase from 3.92% in the prior week. Same time last year, we were expericing rates at 4.81%.
The 15-year fixed mortgage rate, another loan program which has also become popular as a refinancing option, moved to 3.30% which was up from last week when it was at 3.16%. Same program stood at 4.04% same time last year.
The 5-year ARM, the Treasury-indexed hybrid adjustable rate mortgage average stood at 2.96% which was also up from 2.83% the prior week but down from 3.62% in 2011.
Finally, rounding out the products was the 1-year ARM which rose to 2.84% from 2.79% in the prior week but down from 3.21% in same time 2011.
Becuase of the better than expected economic news and and the likelihood of a second bailout for Greece, bond yields had risen over the past two weeks. At the same time, consumers continued to better manage their debt in the fourth quarter of 2011. This all led friming up of the mortgage rates. This week was also the release date for HARP 2. You can read up more about the HARP 2 Qualifications and Guidelines on our site as well. HARP 2 is expected to help underwater homeowners refinance to a lower rate.
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