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Mortgage Rates Trail Year High

May 15, 2015 2:42 am

The average 30-year fixed-rate mortgage (FRM) rose to 3.85 percent, trailing closely behind the year high, according to Freddie Mac’s recent Primary Mortgage Market Survey ® (PMMS®).

“Mortgage rates rose for the third consecutive week as 10-year Treasury yields continued to climb,” says Freddie Mac Deputy Chief Economist Len Kiefer. “The labor market continues to improve with the U.S. economy adding 223,000 jobs in April, a solid rebound from merely 85,000 job gains in March. Also, the unemployment rate dipped to 5.4 percent in April as the participation rate ticked up to 62.8 percent and jobless claims were far less than expected.”

The 15-year FRM average also increased, climbing to 3.07 percent. The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.89 percent, representing a slight decrease. The 1-year Treasury-indexed ARM average rose to 2.48 percent.

Source: Freddie Mac

Published with permission from RISMedia.

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