Mortgage rates were up during the week ended March 5 according to the results of Freddie Mac's Primary Mortgage Market Survey.
The 30-year fixed rate mortgage (FRM) which had averaged 5.07 percent the previous week increased to 5.15 percent. Fees and points were unchanged at 0.7 point.
The average rate on 15-year FRMs was 4.72 percent with 0.7 point compared to 4.68 percent with 0.7 point a week earlier.
The five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) increased two basis points to 5.08 percent but fees and points declined from 0.7 to 0.6.
One-year Treasury-indexed ARMs averaged 4.86 percent this week with 0.5 point, up from last week when it averaged 4.81 percent with 0.6 point.
"Mortgage rates followed bond yields higher this week following reports of record continuing jobless claims and a downward revision in economic growth in the fourth quarter of 2008," said Frank Nothaft, Freddie Mac vice president and chief economist. "Real Gross Domestic Product was revised from a 3.8 percent decline to a 6.2 percent drop in the fourth quarter mostly led by a 4.3 percent fall in consumer spending, which was the largest decrease since the second quarter of 1980.
"The housing market continues to slow as well. New home sales fell 10.2 percent in January to the slowest pace since records began in January 1963 while pending existing home sales slowed by 7.7 percent, the weakest since the series began in January 2001. More recently the Federal Reserve noted in its March 4th regional economic report that residential real estate markets remained in the doldrums in most areas, with only scattered, very tentative signs of stabilization."
Earlier in the week Fannie Mae released data on its posted weekly yields for the period ended February 27. All figures are quoted on a net basis not including servicing fees.
The 30-year conventional FRM increased to 4.76 percent from 4.65 percent the previous week. The 15-year FRM was up to 4.29 percent from 4.17 while the yield on government guaranteed FHA and VA 30-year FRMs dropped slightly from 6.28 percent to 6.20 percent.
The average yield on the one-year adjustable rate mortgage fell more significantly, dropping from 4.44 percent during the week ended February 20 to 4.10 percent last week.
