Asia-Pacific

US 30-year mortgage rate rises to highest level

(Xinhua)
Updated: 2011-02-11 09:58

WASHINGTON - The US 30-year fixed-rate mortgage (FRM) this week rose to the highest point since April 2010, showed the Primary Mortgage Market Survey released Thursday by Freddie Mac.

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Freddie Mac said that the 30-year FRM averaged 5.05 percent for the week ending Feb 10, 2011, up from last week when it averaged 4.81 percent. Last year at this time, the 30-year FRM averaged 4.97 percent.

The 15-year FRM this week was 4.29 percent, up from the previous week's 4.08 percent. A year ago at this time, the 15-year FRM averaged 4.34 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.92 percent, up from the prior week's 3.69 percent, the company said.

Meanwhile, the 1-year Treasury-indexed ARM averaged 3.35 percent this week, up from last week when it averaged 3.26 percent.

"Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week," said Frank Nothaft, vice president and chief economist of Freddie Mac.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders.