Mortgage interest rates continued their upward journey this week with the fifteen-year fixed rate mortgage surpassing the three percent mark for the firs time in over a year according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending June 6th, 2013.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages increased for a fifth consecutive week with the 30-year fixed rate mortgage jumping ten basis points to 3.91 percent with an average of 0.7 points after rising by 22 basis points last week. Mortgage rates for the 30-year fixed mortgage have been under four percent for 63 consecutive weeks and have increased by 56 basis points over the last four weeks alone. A year ago, the 30-year fixed rate mortgage averaged 3.67 percent.
Average 30-year rates were generally the lowest in the Western portion of the United States where mortgage rates averaged 3.88 percent while the highest rates were reported in the Southwestern area of the country where interest rates averaged 3.94 percent.
The average rate for a 15-year fixed mortgage topped the three percent mark for the first time in 54 weeks, climbing to 3.03 percent this week with an average of 0.7 points from an average of 2.98 percent last week. At this time last year, the 15-year fixed rate mortgage averaged 2.94 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages were also higher this week with the 5-year Treasury-indexed hybrid ARM rising slightly to 2.74 percent, with an average of 0.5 points, up from last week’s average of 2.65 percent. The 5-year adjustable rate mortgage averaged 2.84 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.58 percent with an average of 0.4 points, up from last week’s average of 2.54 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.79 percent.
Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury
Reported by Shirley Allen