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%.