The 30-year fixed-rate mortgage (FRM) rose to 3.98 percent, with an average 0.7 point, the week ending June 13, according to Freddie Mac’s weekly Primary Mortgage Market Survey. The 30-year FRM has been rising every week for the past month, and has increased more than half a percentage point since then.
Last week, the 30-year FRM averaged 3.91 percent. It was 3.71 percent a year ago.
Meanwhile, the average interest rate on the 15-year FRM was 3.10 percent with an average 0.7 point, up from 3.03 percent last week. A year ago, the 15-year FRM averaged 2.98 percent.
The 15-year FRM has also been steadily rising for the past month, “Following a solid employment report for May,” says Frank Nothaft, vice president and chief economist of Freddie Mac. “The economy added 175,000 new jobs and the number of discouraged workers fell by 780,000 to the fewest since September 2009.”
For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.79 percent, with an average 0.6 point, up from 2.74 percent last week, and down from an average 2.80 percent a year ago.
Finally, for the week ending June 13, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.58 percent, with an average 0.4 point, unchanged from last week, but down from 2.78 percent a year ago.