After two weeks of decreasing 30-year mortgage rates, they inched up this week, but continue to hover near their three-year low.
“The low rates continue to be good news for the housing market, as existing home sales rose 1.8 percent to a 5.53 million seasonally adjusted annual rate in the month of May - the highest level since February 2007,” Freddie Mac Chief Economist Sean Becketti said.
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(Source: Freddie Mac)
The 30-year fixed-rate mortgage increased slightly from last week’s 3.54%, to 3.56% for the week ending in June 23, 2016. This is down from last year when the 30-year FRM averaged 4.02%.
The 15-year FRM also slightly increased to 2.83%, up from last week’s 2.81%. This is also down annually from last year’s 3.21%.
The 5-year treasury-indexed hybrid adjustable-rate mortgage remained unchanging from last week’s 2.74%. It is slightly down annually from last year’s 2.98%.
“Mortgage rates have been slow to adjust to the 10-year Treasury yield, which has increased 12 basis points since last week,” Becketti said. “This week’s survey shows the 30-year fixed rate inching up to 3.56%, only 2 basis points above last week’s average.”