Interest rates for fixed rate mortgages climbed higher this week with both the 30-year and 15-year fixed rate mortgages rising an additional seven basis points according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending June 13th, 2013.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages increased for a sixth consecutive week with the 30-year fixed rate mortgage increasing seven basis points to 3.91 percent with an average of 0.7 points after rising by ten basis points last week. Mortgage rates for the 30-year fixed mortgage have been under four percent for 64 consecutive weeks and have increased by 63 basis points over the last six weeks alone. A year ago, the 30-year fixed rate mortgage averaged 3.67 percent.
Average 30-year rates were generally the lowest in the Northeastern portion of the United States where mortgage rates averaged 3.97 percent while the highest rates were reported in the North Central area of the country where interest rates averaged 4.02 percent.
The average rate for a 15-year fixed mortgage also increased seven basis points, climbing to 3.10 percent this week with an average of 0.7 points from an average of 3.03 percent last week. At this time last year, the 15-year fixed rate mortgage averaged 2.98 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages were mixed this week with the 5-year Treasury-indexed hybrid ARM rising slightly to 2.79 percent, with an average of 0.6 points, up from last week’s average of 2.74 percent. The 5-year adjustable rate mortgage averaged 2.80 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.58 percent with an average of 0.4 points, unchanged from last week. A year ago, the 1-year adjustable rate mortgage averaged 2.78 percent.
Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury
Reported by Shirley Allen