Mortgage rates remained relatively flat after record low rates last week, Freddie Mac’s Primary Mortgage Market Survey found.
The 30-year, fixed-rate mortgage averaged 4.14% for the week ended May 29, 2014, slightly up from last week’s 4.12%, and 3.91% a year ago.
The 15-yr, FRM increased to 3.23%, compared to 3.21% a week prior and 3.03% last year.
Meanwhile, the 5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.93%, down from 2.96 last week, but up from 2.74% in 2013.
The 1-year Treasury-indexed ARM dipped to 2.40%, compared to 2.41% last week and 2.58% a year prior.
“Mortgage rates were little changed amid a week of light economic reports. Of the few releases, real GDP was revised down to -1% growth in the first quarter of 2014. ADP Research Institute estimated the private sector added 179,000 jobs in May, which followed a slight downward revision of 5,000 jobs in April,” Frank Nothaft, vice president and chief economist with Freddie Mac, said.
According to Bankrate, mortgage rates reversed course, with the 30-yr, FRM rising to 4.32%, up from 4.25% a week ago.
The 15-yr, FRM increased to 3.41%, up from 3.35%, while the 5/1 ARM ticked up to 3.31% from 3.24%.
“Evidence that economic growth is accelerating after a dismal start to the year helped push mortgage rates slightly higher from the lowest levels in nearly a year. Comments from some members of the Federal Reserve's Open Market Committee about the need to curtail the Fed's easy money policy also underscored this week's upward movement in bond yields and mortgage rates,” Bankrate said.