Mortgage rates retreat a bit but are expected to resume rising

Fixed mortgage rates stumbled slightly this week, falling for the first time in more than a month.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 4.71 percent with an average 0.4 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.72 percent a week ago and 3.85 percent a year ago.

The 15-year fixed-rate average slid to 4.15 percent with an average 0.4 point. It was 4.16 percent a week ago and 3.15 percent a year ago. The five-year adjustable-rate average increased to 4.01 percent with an average 0.3 point. It was 3.97 percent a week ago and 3.18 percent a year ago. The five-year ARM hasn’t been this high in more than eight years.

The last time the averages of the three major mortgage products were all above 4 percent was April 2010.

“Mortgage rates inched back a little in this week’s survey ... after hitting a seven-year high last week,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “There is upside risk to mortgage rates as the economy remains very robust, and this is reflected in the very recent strength in the fixed income and equities markets. However, the strength in the economy has failed to translate to gains in the housing market as higher mortgage rates have contributed to the decrease in home-purchase applications, which are down from a year ago. With mortgage rates expected to track higher, it’s going to be a challenge for the housing market to regain momentum.”