Mortgage Rates Rising Again
Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS). After declining for two straight weeks, mortgage rates rose to their second highest level in 2018. According to Freddie Mac’s chief economist, Sam Khater, “the rising interest rate environment of today’s economy continued over the past week … borrowing costs are inching higher. Although wages are slowly growing, stronger gains would certainly go a long way in helping consumers offset these increases in prices and rates.”
- 30-year fixed-rate mortgage (FRM) averaged 4.62 percent for week ending June 14, 2018. This is up from a week ago, when it averaged 4.54 percent. One year ago, the 30-year FRM averaged 3.91 percent.
- 15-year FRM averaged 4.07 percent, up from last week when it averaged 4.01 percent. A year ago at this time, the 15-year FRM averaged 3.18 percent.
- 5-year Treasury-Indexed Hybrid Adjustable-Rate Mortage (ARM) averaged 3.83 percent this week, up from last week when it averaged 3.74 percent. Compared to a year ago, the ARM averaged 3.15 percent.
*Borrowers may still pay closing costs, which are not included in the survey.
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