Freddie Mac reported slightly higher mortgage rates last week, with the average interest on a 30-year fixed loan topping off at 4.99 percent from the previous week’s 4.96 percent and from 4.85 percent a year ago. Rates on 15-year fixed loans, meanwhile, bumped up to 4.34 percent from 4.33 percent a week earlier but remained down from 4.58 percent a year ago. Five-year adjustable-rate mortgages averaged 4.14 percent, climbing from 4.09 percent a week earlier but declining from 4.98 percent a year earlier. One-year ARMs were 4.2 percent versus 4.12 percent and 4.85 percent, respectively.
Meanwhile, existing-home sales declined slightly in February, with modest gains in the Northeast and Midwest offset by softer sales in the South and West, according to the National Association of REALTORS.
[SOURCES: Information, Inc.; Freddie Mac; NAR]
