Average fixed mortgage rates reverse course
- June 14, 2012
Fixed-rate mortgages ended their six-week streak of record-setting lows this week.
The rates for 30-year and 15-year fixed-rate mortgages rose slightly this week, according to McLean-based mortgage financing giant Freddie Mac.
The company’s Primary Mortgage Market Survey, however, showed adjusted-rate mortgages continued lower.
“Fixed mortgage rates edged up slightly from record lows during a mild week of economic data releases,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in statement. “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.”
A breakdown of the survey showed:
• 30-year fixed-rate mortgages (FRM) averaged 3.71 percent with an average 0.7 point for the week ending June 14, up from last week when it averaged 3.67 percent. Last year at this time, the 30-year FRM averaged 4.50 percent.
• 15-year FRM this week averaged 2.98 percent with an average 0.7 point, up from last week when it averaged 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.67 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgages (ARM) averaged 2.80 percent this week, with an average 0.6 point, down from last week when it averaged 2.84. A year ago, the 5-year ARM averaged 3.27 percent.
• 1-year Treasury-indexed ARM averaged 2.78 percent this week with an average 0.5 point, down from last week when it averaged 2.79 percent. At this time last year, the 1-year ARM averaged 2.97 percent.