Freddie Mac’s Primary Mortgage Market Survey® recently reported average fixed mortgage rates reaching new 2015 highs, ahead of the June jobs report.
“Overseas events are generating significant day-to-day volatility in interest rates. Nonetheless, the week-to-week impact on most rates was modest — the 30-year mortgage rate increased just 6 bps (basis points), to 4.08 percent,” says Sean Becketti, chief economist, Freddie Mac. “The MBA composite index of mortgage applications fell 4.7 percent in response to what is now three consecutive weeks of mortgage rates over 4 percent. Other measures, however, confirmed continued strength in housing — pending home sales rose 0.9 percent, exceeding expectations, and the Case-Shiller house price index recorded another solid increase.”
Freddie Mac’s survey showed the 30-year fixed-rate mortgage (FRM) averaged 4.08 percent with an average 0.6 point for the week ending July 2, 2015, up from the last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent.
The 15-year FRM averaged 3.24 percent with an average 0.6 point, up from the last week’s 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.22 percent.
Results showed that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent with an average 0.4 point, up from the week prior when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 2.98 percent.
Additionally, the 1-year Treasury-indexed ARM averaged 2.52 percent with an average 0.3 point, up from the last week’s 2.50 percent. At this time last year, the 1-year ARM averaged 2.38 percent.
For more information, visit www.freddiemac.com.
