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Freddie Mac, Fannie Mae, and the Mortgage Banker's Association reported that 30-year and 15-year fixed rate mortgage rates increased last week. For Freddie, this marked the first time in seven weeks that rates were not showing a downward trend. MBA had noted a one-week upward blip for the week ended February 4. We have just begun tracking Fannie Mae.
Freddie's weekly survey put the 30-year rate for the week ending February 17 at 5.62 percent, up from 5.57 percent the week before. 15-year rates were 5.14 percent, up 0.04 from February 10. 1-year ARMS were also up 0.04 to 4.15 percent and the 5-year ARM increased 0.06 to 5.05 percent. Fees and points dropped slightly for the 30-year to 0.7 from 0.8, but remained constant at 0.7 for the 15-year and 5-year and 0.8 for the 1 year ARM.
The MBA figures were, as usual, slightly different but showed an increase to 5.67 percent from 5.50 for the 30-year, 5.99 from 5.09 percent for the 15-year, and 1 1-year ARM at 4.18 percent, up 0.08 from the previous week.
Fannie Mae 30- and 15-year rates also increased to 5.450 from 5.360 percent and 4.960 from 4.870 percent respectively from the previous week. 1-year adjustable rates were not available. Fannie Mae rates do not include servicing fees.
The MBA weekly survey showed mortgage applications down 0.6 percent on a seasonally adjusted basis from the previous week, but up 1.3 percent on an unadjusted basis. The market share of refinances decreased very slightly to 49.3 percent of total applications and the adjustable rate share remained constant at 30.7 percent of total applications.
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