For the sixth consecutive week, mortgage rates inched higher, continuing to climb from all-time lows, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgage—the most popular among home buyers—has now climbed a half percentage point since last month.
A strengthening economy and positive employment report this month prompted fixed-rate mortgages to climb higher this week, says Frank Nothaft, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages with mortgage rates for the week ending June 13:
- 30-year fixed-rate mortgages averaged 3.98 percent, with an average 0.7 point, rising from last week’s 3.91 percent average. A year ago at this time, 30-year rates averaged 3.71 percent.
- 15-year fixed-rate mortgages averaged 3.10 percent this week, with an average 0.7 point, increasing from last week’s 3.03 percent average. Last year at this time, 15-year rates averaged 2.98 percent.
- 5-year adjustable-rate mortgages averaged 2.79 percent, with an average 0.6 point, rising from last week’s 2.74 percent average. Last year at this time, 5-year ARMs averaged 2.80 percent.
- 1-year ARMs averaged 2.58 percent, with an average 0.4 point, holding the same as last week. A year ago, 1-year ARMs averaged 2.78 percent.
“With the ongoing run-up in fixed mortgage rates, adjustable-rate mortgages (ARMs) are becoming more popular among home owners looking to refinance and for home purchasers,” says Nothaft.
Source: Freddie Mac