Mortgage Rates Reach 2015 High
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates moving higher amid positive housing data -pushing fixed mortgage rates to their highest level of the year.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.87 percent, up from last week when it averaged 3.84 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.11 percent, up from last week when it averaged 3.05 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.90 percent, up from last week when it averaged 2.88 percent. A year ago, the 5-year ARM averaged 2.96 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.50 percent, down slightly from last week when it averaged 2.51. At this time last year, the 1-year ARM averaged 2.41 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 to the highest level in 2015 following positive housing market data. New [PDF] home sales surged 6.8 percent to an annual pace of 517,000 units in April. Although existing home sales slipped 3.3 percent to a seasonally-adjusted pace of 5.04 million units, sales are up 6.1 percent on a year-over-year basis. The S&P/Case-Shiller 20-city home price index [PDF] also posted a solid gain of 5 percent over the 12-months ending in March 2015.”
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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