“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%.