Average fixed mortgage rates moved higher for the second week in a row following U.S. Treasury bond yields higher this week on signs of stronger consumer spending.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages moved up to 3.51 from 3.42 percent last week. Last year at this time the 30-year FRM averaged 3.79 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages rose to 2.69 percent from 2.61 last week. Last year at this time, the 15-year FRM averaged 3.04 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved up to 2.62 percent from 2.58 percent last week. A year ago, the 5-year ARM averaged 2.83 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is up this week to 2.55 percent from 2.53 percent last week. Last year at this time, the 1-year ARM averaged 2.78 percent.
Low mortgage rates continue to assist with the housing market recovery. Contact a licensed mortgage loan professional to take advantage of low mortgage rates. Find a loan officer near you.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates followed U.S. Treasury bond yields higher this week on signs of stronger consumer spending. Advanced retail sales rose 0.1 percent in April, above the market forecast consensus of a 0.3 percent decline. Excluding such items as automobiles and gasoline, sales were up 0.5 percent for the second time in three months.
Households are also shoring up their balance sheets. Total household debt fell by about $110 billion in the first quarter. In addition, approximately 3.0 million homeowners were seriously delinquent (90 days or more delinquent or in foreclosure) on their first mortgages, down from a peak of about 5.1 million in the fourth quarter of 2009.”
Original Source: Freddie Mac Interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.
Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.