American Land Title Association
Home  >  News Room
News Room


SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software


Inflation Jitters Push Mortgage Rates Up This Week, According To Freddie Mac Survey

April 25, 2008

McLean, VA – Rates moved up this past week, with the Freddie Mac the results of its Primary Mortgage Market Survey® (PMMS®) showing th 30-year fixed-rate mortgage (FRM) averaged 6.03 percent with an average 0.3 point for the week ending April 24, 2008, up from last week when it averaged 5.88 percent. Last year at this time, the 30-year FRM averaged 6.16 percent.

The 15-year FRM this week averaged 5.62 percent with an average 0.3 point, up from last week when it averaged 5.40 percent. A year ago at this time, the 15-year FRM averaged 5.87 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.68 percent this week, with an average 0.5 point, up from last week when it averaged 5.48 percent. A year ago, the 5-year ARM averaged 5.88 percent.

One-year Treasury-indexed ARMs averaged 5.29 percent this week with an average 0.5 point, up from last week when it was 5.10 percent. At this time last year, the 1-year ARM averaged 5.43 percent.

"Average rates on mortgages increased across the board this last week as the most recent economic data raised inflationary concerns in the capital markets," said Frank Nothaft, Freddie Mac vice president and chief economist. "For example, the Producer Price Index – a measure of wholesale inflation – increased 1.1 percent in March, nearly double the consensus expectations.

"March's index of leading indicators showed a tepid increase of 0.1 percent, after five consecutive months of decline. As a result, trading of federal funds futures contracts implied a reduced likelihood of a substantial rate cut at the next Federal Open Market Committee meeting.


The National Mortgage Rate Snapshop
This Week One Week Ago One Year Ago
30-Yr 15-Yr 5-Yr
ARM
1-Yr ARM
6.03 5.62 5.68 5.29
0.3 0.3 0.5 0.5
30-Yr 15-Yr 5-Yr
ARM
1-Yr ARM
5.88 5.40 5.48 5.10
0.4 0.5 0.6 0.6
30-Yr 15-Yr 5-Yr
ARM
1-Yr ARM
6.16 5.87 5.88 5.43
0.5 0.5 0.7 0.7

 

5.92 5.44 0.4 0.5 0.6 0.6

 

/table>

 

dy> d>0.5 0.6 0.7

 

5.92 5.44 0.4 0.5 0.6 0.6

 

/table>

Source: Freddie Mac



Print Friendly


How To Find Us:
American Land Title Association
1828 L Street, NW, Suite 705
Washington, DC 20036-5104
P. 202.296.3671 F. 202.223.5843
www.alta.org
service@alta.org
Copyright © 2004-2014 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment