Fixed mortgage rates climbed higher for the fifth consecutive week on concerns the Federal Reserve may slow its bond purchases amid a strengthening economy. This marks the first time the average 15-year fixed-rate mortgage has gone above 3 percent since the week of May 24th of last year.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages moved up to 3.91 from 3.81 percent last week. Last year at this time the 30-year FRM averaged 3.67 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages rose to 3.03 percent from 2.98 last week. Last year at this time, the 15-year FRM averaged 2.94 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved up to 2.74 percent from 2.66 percent last week. A year ago, the 5-year ARM averaged 2.84 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM fell slightly to 2.58 percent this week from 2.54 last week. Last year at this time, the 1-year ARM averaged 2.79 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:
“Continuing market concerns that the Federal Reserve may slow its bond purchases
amid a strengthening economy added upward pressure on mortgage rates this week.
In its June 5th regional economic conditions report, known as the Beige
Book, the Federal Reserve noted that overall economic activity increased at
a modest to moderate pace over April and May in all its districts except for
Dallas which indicated strong economic growth. In addition, pending
home sales rose in April to its fastest pace since April 2010 and May’s consumer
sentiment was revised upwards to its highest reading since July 2007.”
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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