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| Loan applications erased all of the prior week’s gains, while fixed rates and adjustable rates moved in opposite directions.
The average 30-year fixed-rate mortgage was 5.88%, rising 0.03% from last week’s 5.85%, as was indicated on Freddie Mac’s latest weekly survey of 125 thrifts, commercial banks and mortgage lending companies. The 30-year averaged 6.17% one year ago. The average 30-year was lowest in the North Central at 5.93% and lowest in the South East at 5.86%, the data indicated. The 15-year fixed-rate was 5.42%, according to Freddie, climbing 0.08% from 5.34% the previous week. The yield on the 10-year Treasury, a benchmark for fixed mortgage rates, was 3.56%, around six basis points worse than a week ago, according to CNNMoney. Bankrate.com’s survey for the week ending April 9 indicated 53 of the 100 mortgage industry panelists predicted rates will go up in the next 35 to 45 days, while 27 believe rates will decrease, and 20 anticipate no change. The five-year Treasury-indexed hybrid adjustable-rate mortgage had an average of 5.59% this week, falling from the previous week’s average of 5.67%, Freddie’s survey revealed. The one-year Treasury-indexed ARM averaged 5.19%, falling five BPS from one week ago. The one-year Treasury’s yield was 1.67% yesterday, 11 BPS worse than the week prior, according to data from the U.S. Treasury. The six-month London Interbank Offered Rate was 2.62%, just an increase from last week of 0.01%, Bankrate.com reported. The Weekly Mortgage Applications Survey from the Mortgage Bankers Association for the week ending March 28 showed that the ARM share of mortgage applications rose to 5% from 4% just a week prior. Loan applications saw decreases across the board, MBA’s survey revealed. The latest Market Composite Index dropped 29% to 688.3 from 965.9 a week earlier. The composite index had been up 48% the previous week. Purchase applications decreased 12%, MBS said. The refinance index dropped 38% in the seven-day period, while the refinance share of mortgage activity slid to 53% of total applications from the previous week’s 62%. |
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Natalie Merrill is a staff writer for MortgageDaily.com with a Journalism degree from Southern Methodist University. e-mail:Â merrill.natalie@yahoo.com |
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