Average fixed mortgage rates reversed course and inched up in Freddie Mac’s weekly survey, ending a run of record lows in recent weeks.
Freddie Mac chief economist Frank Nothaft attributed the change in fixed rate direction to “mild” economic data releases during the week ending June 14.
The average rate for a 30-year fixed-rate mortgage was up four basis points during the period at 3.71% and the average 15-year FRM rate was up the same amount at 2.98%.
In contrast, shorter-term rates dropped slightly in the latest week.
The average rate for a five-year Treasury-indexed hybrid slid six basis points to 2.8% and the average rate for a one-year Treasury-indexed adjustable-rate mortgage was down by a basis point at 2.78%.
Average points remain lowest for the one-year Treasury ARM at 0.5 of a point. The five-year Treasury hybrid averaged 0.6 of a point in the most recent week and the two fixed rate products averaged 0.7 of a point.
All four types of loans in Freddie’s survey have weekly rate averages lower than a year ago when the 30-year was 4.5%, the 15-year was 3.67%, the five-year Treasury hybrid was 3.27% and the one-year Treasury ARM was 2.97%.