Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates remaining near their highest level of the year.
“Mortgage rates were little changed for the week following mixed economic data before bond yields began moving higher Wednesday afternoon,” says Len Kiefer, Freddie Mac deputy chief economist. “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.”
The 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 the week prior. A year ago at this time, the 30-year FRM averaged 4.14 percent.
Results show that the 15-year FRM averaged 3.08 percent with an average 0.5 point, down from the week earlier when it averaged 3.11 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent with an average 0.5 point, up from the last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 2.93 percent.
Additionally, the 1-year Treasury-indexed ARM averaged 2.59 percent with an average 0.2 point, up from the previous week when it averaged 2.50 percent. At this time last year, the 1-year ARM averaged 2.40 percent.
For more information, visit www.FreddieMac.com.