Mortgage Rates Mixed; 30-Year Fixed Ticks Up to 4.50 Percent
June 16, 2011
Fixed mortgages rates changed slightly despite recent inflation reports, according to Freddie Mac’s latest Primary Mortgage Market Survey. After declining for eight consecutive weeks, the 30-year fixed ticked up for the week ending June 16, while the 15-year inched down again to 3.67 percent, the report showed.
The 30-year fixed-rate mortgage (FRM) averaged 4.50 percent with an average 0.7 point for the past week, up from last week’s average of 4.49 percent. Last year at this time, the 30-year FRM averaged 4.75 percent.
Meanwhile, the 15-year FRM this week averaged 3.67 percent with an average 0.7 point, down from last week when it averaged 3.68 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.27 percent this week, with an average 0.6 point, down from last week when it averaged 3.28 percent. A year ago, the 5-year ARM averaged 3.89 percent. The 1-year Treasury-indexed ARM averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. At this time last year, the 1-year ARM averaged 3.82 percent.