Fixed Mortgage Rates Move Higher
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates following Treasury yields higher and coming off the May jobs report, which largely met forecast expectations.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.20 percent, up from 4.14 percent last week. A year ago at this time, the 30-year FRM averaged 3.98 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.31 percent, up from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 3.10 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 3.05 percent up from last week when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 2.79 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.40 unchanged from last week. At this time last year, the 1-year ARM averaged 2.58 percent.
Mortgage rates are slowly 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 Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates continued to climb for the second week in a row following the increase in 10-year Treasury yields. Also, the economy added 217,000 jobs in May, following a 282,000 surge in April and a 203,000 increase in March. Meanwhile, the unemployment rate in May held steady at 6.3 percent.”
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.
Want to Lock & Shop?
Inlanta is pleased to announce Inlanta Lock & Shop for home buyers who haven’t found a property but want to lock in an interest rate now. This Lock & Shop program is appealing to home buyers who fear a reduction in buying power as mortgage rates increase.
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