Average 30-Year Fixed-Rate Mortgage Above Four Percent
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates reaching new highs for 2015 with the average 30-year fixed-rate mortgage above four percent for the first time since November 6, 2014 when it averaged 4.02 percent.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.04 percent, up from last week when it averaged 3.87 percent. A year ago at this time, the 30-year FRM averaged 4.20 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.25 percent, up from last week when it averaged 3.08 percent. A year ago at this time, the 15-year FRM averaged 3.31 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 3.01 percent, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.05 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.53 percent, down from last week when it averaged 2.59. At this time last year, the 1-year ARM averaged 2.40 percent.
Mortgage rates are on the rise. Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.
Attributed to Len Kiefer, deputy chief economist, Freddie Mac:
“Mortgage rates rose above 4 percent for the first time since November 2014 as Treasury yields surged. Markets are responding to strong employment data. In May, the U.S. economy added 280,000 jobs. Moreover, job openings surged to 5.4 million in April, up over 20 percent from a year ago.”
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.
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