(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."
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.