Mortgage Rates Remain at 2015 Highs
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates remaining near their highest level of the year before bond yields began moving even higher Wednesday afternoon.
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, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.14 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.08 percent, down from last week when it averaged 3.11 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.96 percent, up from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 2.93 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.59 percent, up from last week when it averaged 2.50. At this time last year, the 1-year ARM averaged 2.40 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 were little changed for the week following mixed economic data before bond yields began moving higher Wednesday afternoon. Although real GDP growth was revised down to a negative 0.7 percent annualized rate, the Institute for Supply Management reported a modest growth in the manufacturing sector in May. If the Wednesday surge of treasury yields persists, the impact on mortgage rates is likely to result in a bout of affordability shock to many housing markets across the country.”
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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