June 3, 2013 12:12 am
• 30-year fixed-rate mortgage (FRM) averaged 3.81 percent with an average 0.8 point for the week ending May 30, 2013, up from last week when it averaged 3.59 percent. Last year at this time, the 30-year FRM averaged 3.75 percent.
• 15-year FRM this week averaged 2.98 percent with an average 0.7 point, up from last week when it averaged 2.77 percent. A year ago at this time, the 15-year FRM averaged 2.97 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.66 percent this week with an average 0.5 point, up from last week when it averaged 2.63 percent. A year ago, the 5-year ARM averaged 2.84 percent.
• 1-year Treasury-indexed ARM averaged 2.54 percent this week with an average 0.5 point, down from last week when it averaged 2.55 percent. At this time last year, the 1-year ARM averaged 2.75 percent.
"Fixed mortgage rates followed long-term government bond yields higher following a growing market sentiment that the Federal Reserve may lessen its accommodative policy stance,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Improving economic data may have encouraged those views. For instance, the Conference Board reported that confidence among consumers rose in May to its highest level since February 2008. Meanwhile, the S&P/Case-Shiller® 20-city composite index for March rose to its highest reading since November 2008 (seasonally adjusted). All 20 cities had positive monthly gains, led by a 3.2 percent increase in Las Vegas."
Published with permission from RISMedia.