Thirty-Year Rate Approaches 4% in Freddie Survey

The average consumer rate for a 30-year fixed rate mortgage rose for the sixth straight week in Freddie Macs survey, nearing 4%.

The average 30-year FRM rate in the latest survey was 3.98%, up from 3.91% the previous week and 3.71% a year ago. It has climbed more than half a percentage point since it began to rise last month.

The average 15-year FRM rate during the week ending June 13 also was higher than it was the previous week. It rose to 3.1% from 3.03% during that period, and also was up compared to 2.98% a year ago.

Fixed mortgage rates crept up further this week following a solid employment report for May, Freddie Mac chief economist Frank Nothaft said in his weekly rate report

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage in Freddies survey, at 2.79%, was up five basis points from the previous week but was still a basis point lower than a year ago.

The average one-year Treasury ARM rate remained steady week-to-week at 2.58% and is 20 basis points lower than a year ago.

Average points are lowest for one-year Treasury ARMs at 0.4 of a point, followed by five-year Treasury hybrids at 0.6 of a point, and 15- and 30-year FRMs at 0.7 of a point.

Article source: http://www.nationalmortgagenews.com/dailybriefing/thirty-year-rate-approaches-4-percent-in-freddie-survey-1036925-1.html

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