Mortgage Rates Continue Upward Trend
Fixed mortgage rates trending higher for the third consecutive week and putting pressure on refinance momentum. Regardless, mortgage rates remain low helping to keep home-buyer affordability high, which should further aid home sales and construction in coming weeks.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages moved up to 3.59 from 3.51 percent last week. Last year at this time the 30-year FRM averaged 3.78 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages rose to 2.77 percent from 2.69 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 2.63 percent from 2.62 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 stayed at 2.55 percent this week.Last year at this time, the 1-year ARM averaged 2.75 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:
“Fixed-rates moved up for the third consecutive week, with the average 30-year fixed-rate mortgage about a quarter-percentage point higher than three weeks ago. While this may slow some of the refinance momentum, rates are nonetheless low and home-buyer affordability high, which should further aid home sales and construction in coming weeks.
For instance, in April, single family housing permits rose to the strongest pace since May 2008 while existing home sales for the same month grew the most since November 2009. Moreover, the National Association of Realtors® reported that the median number of days on the market for these sales fell from 62 to 46 days, the fewest since it began collecting the data in May 2011.”
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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