WASHINGTON Mortgage rates tipped up this week amid an expanding housing market, according to Freddie Mac.
The average for the 30-year, fixed-rate loan increased to 3.57% this week, from 3.54% last week; while the average for the 15-year mortgage moved to 2.76%, from 2.72%.
ARM rates were mixed, with the average for the five-year ARM climbing to 2.68%, from 2.61%; and the average for the one-year ARM dipping slightly to 2.62%, from 2.63% last week.
“Low and relatively steady mortgage rates are invigorating the housing market,” said Frank Nothaft, chief economist for Freddie Mac. “For instance, existing home sales over January and February experienced the strongest two-month pace since November 2009, while new home sales were the strongest since August and September 2008. Moreover, the number of consumers expecting to purchase a home over the next six months rose to 5.6% in March, the second highest share since data was first collected in February 1964.”
