Fixed Rates Climb for Fifth Consecutive Week in Freddie Survey

Fixed mortgage rates climbed for the fifth consecutive week in Freddie Macs latest survey.

“Continuing market concerns that the Federal Reserve may slow its bond purchases amid a strengthening economy added upward pressure on mortgage rates this week, said Freddie Mac vice president and chief economist Frank Nothaft in his weekly rate report.

The average rate for a 30-year fixed-rate mortgage rose by 10 basis points to 3.91% and the average 15-year FRM, at 3.03%, increased by five basis points compared to the previous week.

The average rate for a five-year Treasury-indexed hybrid was eight basis points higher at 2.74% and the average rate for a one-year Treasury-indexed adjustable-rate mortgage was up by four basis points at 2.58%.

Averages as far as points during the week ending June 6 were as follows: 0.4 of a point for one-year Treasury ARMs, 0.5 of a point for five-year Treasury hybrids, and 0.7 of point for 15-year and 30-year FRMs.

A year ago, the average 30-year FRM rate was 3.67%, the average 15-year FRM rate was 2.94%, the average five-year Treasury hybrid rate was 2.84% and the average one-year Treasury ARM rate was 2.79%.

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