Mortgage rates move a touch higher

April 19, 2012 at 12:33 PM
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WASHINGTON, April 19 (UPI) -- Average U.S. mortgage rates for long-term, fixed-rate contracts rose in the week ending Thursday, the Federal Home Loan Mortgage Corp. said.

Average rates for 30-year contracts rose from 3.88 percent to 3.9 percent with 0.8 point. Thirty-year mortgage rates averaged 4.8 percent the same week of 2011.

Average rates on 15-year contracts rose from an historic low of 3.11 percent to 3.13 percent in the week with 0.7 point. A year earlier, rates for 15-year mortgages averaged 4.02 percent.

Five-year adjustable rate mortgages averaged 2.78 percent for the week with an average 0.7 point, down from last week's average rate of 2.85 percent. A year earlier, five-year adjustable rate contracts averaged 3.61 percent.

Average rates on one-year treasury-indexed adjustable mortgages rose to 2.81 percent with 0.6 point from 2.8 percent. A year ago, rates for these loans averaged 3.16 percent.

Although up slightly, "Fixed mortgage rates held relatively stable this week amid signs that inflation remains in check," said Frank Nothaft, Freddie Mac's vice president and chief economist.

"Industrial production was flat in March, a reading below the market consensus forecast. Meanwhile, both headline inflation gauges -- the consumer and producer price indexes -- for March were in line with market expectations," he said in a release.

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