Current Mortgage Rates Increase This Week March 22, 2012
Mortgage rates today moved considerably higher in the most recent mortgage survey released this morning. The increase in average mortgage rates wasn't surprising since U.S. Treasury yields moved higher week over week. This week's Primary Mortgage Market Survey released by Freddie Mac had 30 year mortgage rates back above 4.00% at 4.08% with 0.8 mortgage discount points.
This is the first time in several months 30 year mortgage rates are over 4.00%. In last week's survey, 30 year mortgage rates averaged 3.92%. An increase of 16 basis points week over week is a big increase especially since rates hovered in a tight range for the past several months.
Current mortgage rates on 15 year conforming loans also moved higher for the week ending March 22, 2012. In the survey 15 year mortgage rates averaged 3.30% with 0.8 mortgage points, up from last week's average 15 year mortgage rate of 3.16%.
Adjustable mortgage rates on 5 year adjustable loans also increased by 16 basis points this week over last. Today's average mortgage rates on 5 year adjustable loans are at 2.96% with 0.7 points, up from last week's average 5 year adjustable mortgage rate of 2.83%.
1 year adjustable rates moved higher this week but only by 5 basis points to 2.84%, up from an average rate of 2.79%. Average mortgage points on 1 year adjustable home loans this week was 0.6%.
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