Mortgage rates rise for 3rd straight week

by MPA15 May 2015
Mortgage rates rose for this week for the third consecutive week, according to new data released by Freddie Mac. At 3.85%, the average rate for 30-year fixed-rate mortgages finished the week just below the 2015 high.

“Mortgage rates rose for the third consecutive week as 10-year Treasury yields continued to climb,” said Len Kiefer, Freddie Mac deputy chief economist. “The labor market continues to improve with U.S. economy adding 223,000 jobs in April, a solid rebound from merely 85,000 job gains in March. Also, the unemployment rate dipped to 5.4 percent in April as the participation rate ticked up to 62.8 percent and jobless claims were far less than expected.”

The 30-year FRM averaged 3.85% this week, up from last week’s 3.80%. Last year at this time, the 30-year FRM averaged 4.20%.

The 15-year FRM rose to 3.07% this week from last week’s average of 3.02%. Last year at this time, the 15-year FRM averaged 3.29%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage fell to 2.89% this week from last week’s average of 2.90%. A year ago, the 5-year ARM averaged 3.01%.

The 1-year ARM rose to 2.48% this week from last week’s average of 2.46%. A year ago at this time, the 1-year ARM averaged 2.43%.