Fixed mortgage rates tick up slightly

Shutterstock.com

(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."

Retirement and vacation deals for home buyers
How to buy a HUD home

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.

  • Ilyce Glink On Twitter»

    Ilyce R. Glink is an award-winning, nationally syndicated columnist, best-selling book author, and radio talk show host who also hosts "Expert Real Estate Tips," a Internet video show. She owns ThinkGlink.com as well as Think Glink Media, a privately held company that provides consulting, content and video services to companies and non-profit organizations.

Comments

CBSN Live

pop-out
Live Video

Market Data

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Watch Now

Market News

Stock Watchlist

New Android App

For your Android phone and tablet, download the FREE redesigned app, featuring CBSN, live 24/7 news.

Download
The all new
CBS News App for Android® for iPad® for iPhone®
Fully redesigned. Featuring CBSN, 24/7 live news. Get the App