Mortgage Rates Up Heading Into Holiday Weekend
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates reaching new 2015 highs heading into the holiday weekend and ahead of the June jobs report.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.08 percent, up from last week when it averaged 4.02 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 3.24 percent, up from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.22 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.99 percent, up slightly from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 2.98 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.52 percent, up from last week when it averaged 2.50 percent. At this time last year, the 1-year ARM averaged 2.38 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:
“Overseas events are generating significant day-to-day volatility in interest rates. Nonetheless, the week-to-week impact on most rates was modest — the 30-year mortgage rate increased just 6 bps, to 4.08 percent. The MBA composite index of mortgage applications fell 4.7 percent in response to what is now three consecutive weeks of mortgage rates over 4 percent. Other measures, however, confirmed continued strength in housing — pending home sales rose 0.9 percent, exceeding expectations, and the Case-Shiller house price index recorded another solid increase.”
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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