Average fixed mortgage rates following 10-year Treasury yields moved slightly higher in the week ending May 7, according to Freddie Mac's Primary Mortgage Market Survey .
“Mortgage rates rose this week to the highest level since the week of March 12 as a selloff in German bunds helped drive U.S. Treasury yields above 2.2%. The U.S. trade deficit reached $51.4 billion in March to the highest level since 2008,” said Len Kiefer, deputy chief economist, Freddie Mac. “Also, the Institute for Supply Management’s manufacturing index was unchanged in April, but manufacturing employment contracted as the index fell below 50 for the first time since May 2013.”
The 30-year, fixed-rate mortgage averaged 3.80% with an average 0.6 point for the week ending May 7, 2015, up from last week when it averaged 3.68%. A year ago at this time, the 30-year FRM averaged 4.21%.
The 15-year, FRM this week averaged 3.02% with an average 0.6 point, up from last week when it averaged 2.94%. A year ago at this time, the 15-year FRM averaged 3.32%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.90% this week with an average 0.4 point, up from last week when it averaged 2.85%. A year ago, the 5-year ARM averaged 3.05%.
The 1-year Treasury-indexed ARM averaged 2.46% this week with an average 0.4 point, down from last week when it averaged 2.49%. At this time last year, the 1-year ARM averaged 2.43%.