Fixed mortgage rates tick up slightly
(MoneyWatch) After a six-week streak of record-setting lows, fixed mortgage rates are up this week according to Freddie Mac's Primary Mortgage Market Survey (PMMS). Despite the modest bump, rates continue to be much lower than a year ago.
This week's economic data no doubt influenced the uptick in mortgage rates.
Mortgage rates for the week ending June 14 are as follows:
- A 30-year fixed-rate mortgage (FRM) averaged 3.71 percent, up slightly from last week's average of 3.67 percent. One year ago, the 30-year FRM average was 4.50 percent.
- The average for a 15-year FRM was 2.98 percent this week, up from last week when the average was 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.67 percent.
- A 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week, down from last week's average of 2.84 percent. A year ago, the 5-year ARM averaged 3.27 percent.
- The average for a 1-year Treasury-indexed ARM was 2.78 percent this week, down from last week when it averaged 2.79 percent. At this time last year, the 1-year ARM averaged 2.97 percent.
"Fixed mortgage rates edged up slightly from record lows during a mild week of economic data releases," Frank Nothaft, vice president and chief economist for Freddie Mac, said in a press release. "The Federal Reserve Board reported that household net worth rose by $2 trillion to $62.9 trillion over the first three months of 2012 primarily due to increases in stock markets. However, this is still well below the peak of $67.5 trillion set in the third quarter of 2007. Nonetheless, homeowners saw an aggregate $372 billion rise in property values over the first three months of this year."
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Rates remain low even with the increase, so if you have the opportunity to take advantage of them don't wait. If you're in the market for a home or looking to refinance, now is the time.
