United States mortgage rates spike ahead of Fed meeting

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The average rate for a 30-year fixed mortgage was 4.21 percent, up from 4.1 percent last week, Freddie Mac said in a statement Thursday.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.57% from 3.51%.

There's one other explanation for consumers to pile in to adjustable-rate mortgages, and it sticks out like a sore thumb in the middle of the chart based on MBA data.

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"The 10-year Treasury yield rose about 10 basis points this week", Freddie Mac Chief Economist Sean Becketti said. However, in early Friday trading, the bond market was calm, with yields holding mostly steady.

30 year loan deals are being quoted at 4.500% at Citizens Bank today with an April of 4.536%. The Refinance index increased by 5%, up to the highest level since December 2016.

The MBA's seasonally adjusted gauge on purchase application activity, a proxy for future home sales, increased 1.7 percent to 235.0, the highest since the week ended January 20. The shorter term 15 year loan interest rates are published at 3.710% yielding an April of 3.894%. That's nearly $100 a month more than last July, when the average rate was 3.4 percent. The 10-year U.S. Treasury, which closely mirrors mortgage rates, even slipped a bit lower this morning, after rising for the past seven consecutive days. It was 2.92 percent a year ago. 15 year refinance FRM interest rates at the bank start at 3.625% yielding an April of 3.771%. Shorter term, popular 15 year refi loan deals stand at 2.75% at the bank and April of 3.239% today.