Mortgage

Freddie Mac: Mortgage rates increase to 2015 highs

Rise moving into holiday

Mortgage rates increased to new 2015 highs moving into the holiday weekend, the latest Freddie Mac Primary Mortgage Market survey found.  

The 30-year, fixed-rate mortgage averaged 4.08% for the week ended July 2, up from 4.02% last week. A year ago, it averaged 4.12%.

In addition, the 15-year, FRM averaged 3.24%, up from 3.21% a week prior. In 2014, it sat at 3.22%.

“Overseas events are generating significant day-to-day volatility in interest rates. Nonetheless, the week-to-week impact on most rates was modest—the 30-year mortgage rate increased just 6 bps, to 4.08%,” said Sean Becketti, chief economist with Freddie Mac.

“The (Mortgage Bankers Association) composite index of mortgage applications fell 4.7% in response to what is now three consecutive weeks of mortgage rates over 4 percent. Other measures, however, confirmed continued strength in housing—pending home sales rose 0.9 percent, exceeding expectations, and the Case-Shiller house price index recorded another solid increase,” said Becketti.

The 5-year Treasury hybrid adjustable-rate mortgage averaged 2.99% for this week, a slight increase from 2.98% a week ago. A year ago, it also sat at 2.98%.

The 1-year Treasury –indexed ARM averaged 2.52%, growing from 2.50% last week. The 1-year ARM averaged 2.38% a year ago.

Click to enlarge

housing

(Source: Freddie Mac)

Bankrate posted similar results, with the 30-year, FRM rising to 4.19%, up from 4.16%. A year ago, it was 4.28%.

The 15-year, FRM fell to 3.34%, down from 3.35%, while the 5/1 adjustable-rate mortgage increased to 3.25%, up from 3.23%. 

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