Fixed Rate Mortgages Climb for a Third Week

Mortgage interest rates for fixed rate loans continued to climb last week as rates for adjustable mortgages stayed at or near last weeks levels according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending May 23rd, 2013.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages increased for a third consecutive week with the 30-year fixed rate mortgage increasing eight basis points this week to 3.59 percent with an average of 0.7 points after rising by nine basis points last week. Mortgage rates for the 30-year fixed mortgage have been under four percent for 61 consecutive weeks and have increased by 24 basis points over the last three weeks. A year ago, the 30-year fixed rate mortgage averaged 3.78 percent.

Average 30-year rates were generally the lowest in the Western portion of the United States where mortgage rates averaged 3.57 percent while the highest rates were reported in the Southeastern area of the country where interest rates averaged 3.63 percent.

The average rate for a 15-year fixed mortgage also increased this week climbing to 2.77 percent with an average of 0.7 points from an average of 2.69 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 52 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.04 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable-rate mortgages stayed mostly near last week’s levels with the 5-year Treasury-indexed hybrid ARM rising slightly to 2.63 percent, with an average of 0.5 points, up from last week’s average of 2.62 percent. The 5-year adjustable rate mortgage averaged 2.83 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage averaged 2.55 percent with an average of 0.4 points, unchanged from last week. A year ago, the 1-year adjustable rate mortgage averaged 2.75 percent.

Freddie Mac PMMS 05-24-13

Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury

Source:
Freddie Mac

Reported by Shirley Allen