Mortgage Rates Seesaw Higher
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates reversing course and moving to their highest level this year amid ongoing volatility in bond markets.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.09 percent, up from last week when it averaged 4.04 percent. A year ago at this time, the 30-year FRM averaged 4.13 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.25 percent, up from last week when it averaged 3.20 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 2.93 percent. A year ago, the 5-year ARM averaged 2.97 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.50 percent, unchanged from last week. At this time last year, the 1-year ARM averaged 2.39 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 Sean Becketti, chief economist, Freddie Mac:
“The crisis in Greece continues to generate volatility in U.S. Treasury yields. The tentative agreement hammered out last weekend gave investors the confidence to pull back a bit from Treasuries. Rates rose about 16 basis points on the 10-year Treasury from last week. As a result, the average rate on a 30-year fixed-rate mortgage rose 5 basis points this week to 4.09 percent, the highest level since October of last year.”
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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