June 15, 2012 (Shirley Allen)
Average fixed mortgage rates edged slightly higher this week for the first time in six weeks according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending June 14th.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages increased slightly from last week’s record lows with the 30-year fixed rate averaging 3.71 percent with an average of 0.7 points, up from last week’s record low average of 3.67 percent. A year ago, the 30-year fixed rate mortgage averaged 4.50 percent.
The 15-year fixed rate mortgage increased to 2.98 percent with an average of 0.7 points, up from last week’s record low average of 2.94 percent. At this time last year, the 15-year fixed rate mortgage averaged 3.67 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable mortgages fell last week with the 5-year Treasury-indexed hybrid ARM averaging 2.80 percent, with an average of 0.6 points, down from last week’s average of 2.84 percent. The 5-year adjustable rate mortgage averaged 3.27 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.78 percent with an average of 0.5 points, down from last week’s average of 2.79 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.97 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates edged up slightly from record lows during a mild week of economic data releases. The Federal Reserve Board reported that household net worth rose by $2 trillion to $62.9 trillion over the first three months of 2012 primarily due to increases in stock markets. However, this is still well below the peak of $67.5 trillion set in the third quarter of 2007. Nonetheless, homeowners saw an aggregate $372 billion rise in property values over the first three months of this year.”
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.6||0.7||0.7||0.7||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.7||0.6||0.7||0.7|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.6||0.6||0.5||0.7||0.6|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.5||0.6||0.5||0.4||0.5||0.4|
|The National Mortgage Rate Snapshot||One Year Ago||One Week Ago|
|30-YR||15-YR||5/1-YR||1-YR ARM||30-YR||15-YR||5/1-YR||1-YR ARM|
|Fees & Points||0.7||0.7||0.6||0.5||0.7||0.7||0.7||0.4|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury