Mortgage Rates Reverse Trend, Edge Higher
Fixed mortgage rates increased for the first time in six weeks, Freddie Mac reported May 9 in its weekly Primary Mortgage Market Survey.
The 30-year fixed-rate rose 0.07 percent since last week to 3.42 percent (down from 3.83 percent a year ago). The 15-year fixed-rate increased 0.05 percentage points to 2.61 percent (down from 3.05 percent a year ago).
The one-year adjustable-rate mortgage decreased 0.03 percent to 2.53 percent (down from 2.73 percent a year ago). The five-year Treasury-indexed gained 0.02 percent to 2.56 percent (down from 2.81 percent a year ago).
“Fixed mortgage rates edged up following a solid employment report for April,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a news release. “The economy gained 165,000 new jobs on net last month, more than the market consensus forecast and the largest monthly increase this year. On top of that, revisions added 114,000 more jobs to February and March as well. All of these factors allowed the unemployment rate to fall to 7.5 percent in April, the lowest since December 2008.”
View Freddie Mac’s weekly Primary Mortgage Market Survey.