Mortgage interest rates continued to rise this week with fixed rate mortgages seeing the largest gains while adjustable rate mortgages experienced more modest increases according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending May 16th, 2013.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages increased for a second consecutive week with the 30-year fixed rate mortgage increasing nine basis points this week to 3.51 percent with an average of 0.7 points after rising by seven basis points last week. Mortgage rates for the 30-year fixed mortgage have been under four percent for 60 consecutive weeks. A year ago, the 30-year fixed rate mortgage averaged 3.79 percent.
Average 30-year rates were generally the lowest in the Western portion of the United States where mortgage rates averaged 3.48 percent while the highest rates were reported in the Southeastern area of the country where interest rates averaged 3.53 percent.
The average rate for a 15-year fixed mortgage also increased this week climbing to 2.69 percent with an average of 0.7 points from an average of 2.61 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 51 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 were also on the rise this week with the 5-year Treasury-indexed hybrid ARM rising slightly to 2.61 percent, with an average of 0.5 points, up from last week’s average of 2.58 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, up from last week’s average of 2.53 percent. 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