Mortgage Rates Set New High for 2015

Mortgage Rates Set New High for 2015

Fixed-rate mortgages were back on the rise again this week, with the 30-year fixed-rate mortgage rising above the 4 percent average for the first time in nearly a year, Freddie Mac reports in its weekly mortgage market survey.

 

“Mortgage rates rose above 4 percent for the first time since November 2014 as Treasury yields surged,” says Len Kiefer, deputy chief economist at Freddie Mac. “Markets are responding to strong employment data. In May, the U.S. economy added 280,000 jobs. Moreover, job openings surged to 5.4 million in April, up over 20 percent from a year ago.”

Freddie Mac reports the following national averages with mortgage rates for the week ending June 11:

  • 30-year fixed-rate mortgages: averaged 4.04 percent, with an average 0.6 point, rising from last week’s 3.87 percent average. Last year at this time, 30-year rates averaged 4.20 percent.
  • 15-year fixed-rate mortgages: averaged 3.25 percent, with an average 0.6 point, rising from last week’s 3.08 percent average. A year ago, 15-year rates averaged 3.31 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.01 percent, with an average 0.4 point, rising from last week’s 2.96 percent average. Last year at this time, 5-year ARMs averaged 3.05 percent.
  • 1-year ARMs: averaged 2.53 percent, with an average 0.2 point, dropping from last week’s 2.59 percent average. A year ago, 1-year ARMs averaged 2.40 percent.

Source: Freddie Mac

 

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Sabrina Caton - The Caton Team Realtors

Sabrina is a native Californian born and raised in the Silicon Valley with a passion for Residential Real Estate and writing. Sabrina is partnered with her mother in law Susan - together they have 35+ years local experience. A full time Realtor Team with Berkshire Hathaway HomeServices - Drysdale Properties out of Redwood City. The Peninsula is our backyard - let us help make it yours. We represent Buyer’s and Seller’s throughout the Bay Area. Effective. Efficient. Responsive. What can The Caton Team do for you?

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