The FINANCIAL -- Freddie Mac on June 4 released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates remaining near their highest level of the year before bond yields began moving even higher Wednesday afternoon.
30-year fixed-rate mortgage (FRM) averaged 3.87 percent with an average 0.6 point for the week ending June 4, 2015, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.14 percent.
15-year FRM this week averaged 3.08 percent with an average 0.5 point, down from last week when it averaged 3.11 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.5 point, up from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 2.93 percent.
1-year Treasury-indexed ARM averaged 2.59 percent this week with an average 0.2 point, up from last week when it averaged 2.50 percent. At this time last year, the 1-year ARM averaged 2.40 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 were little changed for the week following mixed economic data before bond yields began moving higher Wednesday afternoon. Although real GDP growth was revised down to a negative 0.7 percent annualized rate, the Institute for Supply Management reported a modest growth in the manufacturing sector in May. If the Wednesday surge of treasury yields persists, the impact on mortgage rates is likely to result in a bout of affordability shock to many housing markets across the country."