The FINANCIAL -- Freddie Mac on June 15 released the results of its Primary Mortgage Market Survey (PMMS), showing average mortgage rates increasing across the board for the first time in over a month.
30-year fixed-rate mortgage (FRM) averaged 3.91 percent with an average 0.5 point for the week ending June 15, 2017, up from last week when it averaged 3.89 percent. A year ago at this time, the 30-year FRM averaged 3.54 percent.
15-year FRM this week averaged 3.18 percent with an average 0.5 point, up from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 2.81 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15 percent this week with an average 0.5 point, up from last week when it averaged 3.11 percent. A year ago at this time, the 5-year ARM averaged 2.74 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Attributed to Sean Becketti, chief economist, Freddie Mac.
"The 30-year mortgage rate rose 2 basis points over the week to 3.91 percent. However, our survey was conducted before investors drove Treasury yields sharply lower in a reaction to the surprisingly weak CPI release. If that drop in yields sticks, mortgage rates are likely to follow in next week's survey."