Average weekly rates for fixed-rate mortgages in Freddie Mac’s latest survey reversed course and rose after six weeks of declines, but are still more than 40 basis points lower than a year ago.
At 3.42%, the average 30-year FRM rate is up seven basis points from
Frank Nothaft, vice president and chief economist at Freddie, said in his weekly survey report, “Fixed mortgage rates edged up following a solid employment report for April.”
Rate direction was more mixed in the most recent week for Treasury-indexed hybrid five-year and one-year adjustable-rate mortgages, which currently are less frequently used by most mainstream consumers. These survey rates also are still lower than a year ago, but by less than their fixed rate counterparts.
The five-year Treasury hybrid rate rose by two basis points during the most recent week to 2.58%, leaving it 23 basis points lower than a year ago. The one-year Treasury ARM rate during the week ending May 9 was 2.53%, three basis points lower than a week ago and 20 basis points lower than a year ago.
Average points during the most recent week were as follows: 0.7 of a point for FRMs, 0.5 of a point for five-year Treasury hybrids and 0.4 of a point for one-year Treasury ARMs.
