Fixed rates up again this week

by Ryan Smith13 Jun 2014
Fixed rates were up this week, according to data released Thursday by Freddie Mac.

“Mortgage rates continued to climb for the second week in a row following the increase in 10-year Treasury yields,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “Also, the economy added 217,000 jobs in May, following a 282,000 surge in April and a 203,000 increase in March. Meanwhile, the unemployment rate in May held steady at 6.3 percent.”

The 30-year fixed-rate mortgage averaged 4.20% this week, up from last week’s average of 4.14%. Last year at this time, the 30-year FRM averaged 3.98%.

The 15-year FRM averaged 3.31% this week, up from last week’s 3.23%. A year ago, the 15-year FRM averaged 3.10%.

The 5-year Treasury-indexed adjustable-rate mortgage averaged 3.05% this week, up from last week’s average of 2.93%. Last year, the 5-year ARM averaged 2.79%.

The one year ARM averaged 2.40%, unchanged from last week. Last year at this time, the 1-year ARM averaged 2.58%.
 

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