Signs of stronger consumer spending pushed rate-indicative bond yields and primary market mortgage rates higher on average during the week ending May 16, according to Freddie Mac.
The 30-year fixed-rate mortgage during the period averaged 3.51% with an average of 0.7 of a point, up from 3.42%
The average rate for a 15-year FRM during the most recent week was 2.69% with an average of 0.7 of a point, up from the previous week when it averaged 2.61%. A year ago at this time, the 15-year FRM averaged 3.04%.
The long-term rate-indicative 10-year Treasury yield as of Thursday morning had fallen below 1.9% to 1.88% but it has climbed notably recently in the past week or so, rising to levels near 1.95% in recent days. During the second half of last month it was generally lower at levels closer to 1.7%.
Like long-term mortgage rates, shorter-term mortgage rates were higher in the most recent week.
The average rate for a five-year Treasury-indexed hybrid mortgage during the week ending May 16 was 2.62% with an average of 0.5 of a point, up from 2.58% the previous week. A year ago, this rate averaged 2.83%.
The average rate for a one-year Treasury-indexed adjustable-rate mortgage during the most recent week was 2.55% with an average of 0.4 of a point, up from last week when it averaged 2.53%. At this time last year, the one-year Treasury ARM averaged 2.78%.
