Mortgage Rates Continue Climbing
Fixed mortgage rates increased for the third consecutive week, Freddie Mac reported May 23 in its weekly Primary Mortgage Market Survey.
The 30-year fixed-rate climbed 0.08 percent since last week to 3.59 percent (down from 3.78 percent a year ago). The 15-year fixed-rate rose 0.08 percentage points to 2.77 percent (down from 3.04 percent a year ago).
The one-year adjustable-rate mortgage remained steady at 2.55 percent (down from 2.75 percent a year ago). The five-year Treasury-indexed gained 0.1 percent to 2.63 percent (down from 2.83 percent a year ago).
“Fixed-rates moved up for the third consecutive week, with the average 30-year fixed-rate mortgage about a quarter-percentage points higher than three weeks ago,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a news release. “While this may slow some of the refinance momentum, rates are nonetheless low and homebuyer affordability high, which should further aid home sales and construction in coming weeks. For instance, in April, single family housing permits rose to the strongest pace since May 2008 while existing home sales for the same month grew the most since November 2009. Moreover, the National Association of Realtors reported that the median number of days on the market for these sales fell from 62 to 46 days, the fewest since it began collecting the data in May 2011.”
View Freddie Mac’s weekly Primary Mortgage Market Survey.