For the fifth consecutive week, mortgage rates continued to rise, as the economy showed signs of strengthening. Concerns are growing that the Federal Reserve will soon slow its bond purchase program, which has been keeping rates near record lows for months, Freddie Mac reports in its weekly mortgage market survey.
For the first time since May of last year, the 15-year fixed-rate mortgage rose above 3 percent this week. Freddie Mac reports the following national averages with mortgage rates for the week ending June 6:
30-year fixed-rate mortgages averaged 3.91 percent, with an average 0.7 point, increasing from last week’s 3.81 percent average. A year ago at this time, 30-year rates averaged 3.67 percent.
15-year fixed-rate mortgages averaged 3.03 percent, with an average 0.7 point, rising from last week’s 2.98 percent average. Last year at this time, 15-year rates averaged 2.94 percent.
5-year adjustable-rate mortgages averaged 2.74 percent, with an average 0.5 point, rising from last week’s 2.66 percent average. Last year at this time, 5-year ARMs averaged 2.84 percent.
1-year ARMs averaged 2.58 percent, with an average 0.4 point, increasing from last week’s 2.54 percent average. A year ago, 1-year ARMs averaged 2.79 percent.
Source: Freddie Mac