The FINANCIAL -- Freddie Mac on May 28 released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates moving higher amid positive housing data and pushing fixed mortgage rates to their highest level of the year.
30-year fixed-rate mortgage (FRM) averaged 3.87 percent with an average 0.6 point for the week ending May 28, 2015, up from last week when it averaged 3.84 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent.
15-year FRM this week averaged 3.11 percent with an average 0.5 point, up from last week when it averaged 3.05 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent this week with an average 0.5 point, up from last week when it averaged 2.88 percent. A year ago, the 5-year ARM averaged 2.96 percent.
1-year Treasury-indexed ARM averaged 2.50 percent this week with an average 0.3 point, down from last week when it averaged 2.51 percent. At this time last year, the 1-year ARM averaged 2.41 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
Attributed to Len Kiefer, deputy chief economist, Freddie Mac.
"Mortgage rates rose to the highest level in 2015 following positive housing market data. New home sales surged 6.8 percent to an annual pace of 517,000 units in April. Although existing home sales slipped 3.3 percent to a seasonally-adjusted pace of 5.04 million units, sales are up 6.1 percent on a year-over-year basis. The S&P/Case-Shiller 20-city home price index also posted a solid gain of 5 percent over the 12-months ending in March 2015."