Freddie Mac: Mortgage rates hit new high for 2015
Strong housing reports drive rate increase
Average fixed mortgage rates are moving higher amid positive housing data and pushing fixed mortgage rates to their highest level of the year, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.87% with an average 0.6 point for the week ending May 28, 2015, up from last week when it averaged 3.84%. A year ago at this time, the 30-year FRM averaged 4.12%.
“Mortgage rates rose to the highest level in 2015 following positive housing market data. New home sales surged 6.8% to an annual pace of 517,000 units in April,” said Len Kiefer, deputy chief economist at Freddie Mac.
“Although existing home sales slipped 3.3% to a seasonally-adjusted pace of 5.04 million units, sales are up 6.1% on a year-over-year basis. The S&P/Case-Shiller 20-city home price index also posted a solid gain of 5% over the 12-months ending in March 2015,” he said.
The 15-year FRM this week averaged 3.11% with an average 0.5 point, up from last week when it averaged 3.05%. A year ago at this time, the 15-year FRM averaged 3.21%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.90% this week with an average 0.5 point, up from last week when it averaged 2.88%. A year ago, the 5-year ARM averaged 2.96%.
The 1-year Treasury-indexed ARM averaged 2.50% this week with an average 0.3 point, down from last week when it averaged 2.51precent. At this time last year, the 1-year ARM averaged 2.41%.