Mortgage Rates Higher for Third Consecutive Week
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates following 10-year Treasury yields higher and rising for the third consecutive week. At 3.85 percent, the average 30-year fixed-rate mortgage is just below the high for 2015.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.85 percent, up from last week when it averaged 3.80 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 3.07 percent, up from last week when it averaged 3.02 percent. A year ago at this time, the 15-year FRM averaged 3.29 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.89 percent, down from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 3.01 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.48 percent, up from last week when it averaged 2.46. At this time last year, the 1-year ARM averaged 2.43 percent.
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 for the third consecutive week as 10-year Treasury yields continued to climb. The labor market continues to improve with U.S. economy adding 223,000 jobs in April, a solid rebound from merely 85,000 job gains in March. Also, the unemployment rate [PDF] dipped to 5.4 percent in April as the participation rate ticked up to 62.8 percent and jobless claims were far less than expected.”
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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