Averages on fixed-rate mortgages rose this week, but remain near three-year lows, Freddie Mac reports in its weekly mortgage market survey.
“Since jumping 11 basis points on May 18th, the 10-year Treasury yield has leveled-off around 1.85 percent,” says Sean Becketti, Freddie Mac’s chief economist. “Mortgage rates continue to adjust to this new level with the 30-year fixed rate inching up another 2 basis points this week to 3.66 percent. Recent statements by the Fed appear to have persuaded the market that a rate hike may come sooner than later. However, the market is fickle, and Friday’s employment report has the potential to swing opinion 180 degrees in the other direction.”
Freddie Mac reports the following national averages with mortgage rates for the week ending June 2:
- 30-year fixed-rate mortgages: averaged 3.66 percent, with an average 0.5 point, rising from last week’s 3.64 percent average. A year ago, 30-year rates averaged 3.87 percent.
- 15-year fixed-rate mortgages: averaged 2.92 percent, with an average 0.5 point, increasing from last week’s 2.89 percent average. A year ago, 15-year rates averaged 3.08 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.88 percent, with an average 0.5 point, increasing from last week’s 2.87 percent average. A year ago, 5-year ARMs averaged 2.96 percent.