“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%.
Fixed rates were up this week, according to data released Thursday by Freddie Mac.