US fixed mortgage rates edge up

GMT 06:55 2014 Friday ,19 September

Arab Today, arab today US fixed mortgage rates edge up

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U.S. fixed mortgage rates edged up due to an increase in 10-year Treasury yields and lower energy prices, said the Primary Mortgage Market Survey released Thursday by Freddie Mac.
The U.S. mortgage giant said the 30-year fixed-rate mortgage ( FRM) was 4.23 percent in the week ending Thursday, higher than 4. 12 percent last week, lower than the rate of 4.50 percent a year ago.
The 15-year FRM, a popular guide for those looking to refinance, edged up to 3.37 percent this week from 3.26 percent last week.
"Mortgage rates rose this week following the increase in 10- year Treasury yields being partially fueled by market speculation the Federal Reserve might change its interest rate guidance," said Freddie Mac's chief economist Frank Nothaft in a statement.
"Meanwhile, the Labor Department reported that its consumer price index declined 0.2 percent in August reflecting declines in energy prices," said Nothalft.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) rose to 3.06 percent from 2.99 percent last week, while the one-year Treasury-indexed ARM edged down from 2.45 percent last week to 2.43 percent this week.

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