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Mortgage Rates Inch Up After Extended Decline
McLean, VA-based Freddie Mac reported average mortgage rates are increasing across the board for the first time in over a month.
Freddie Mac’s chief economist Sean Becketti says, “The 30-year mortgage rate rose 2 basis points over the week to 3.91%. However, our survey was conducted before investors drove Treasury yields sharply lower in a reaction to the surprisingly weak CPI release. If that drop in yields sticks, mortgage rates are likely to follow in next week’s survey.”
Primary Mortgage Market Survey findings included:
- 30-year fixed-rate mortgage (FRM) averaged 3.91% with an average 0.5 point for the week ending June 15, 2017, up from last week when it averaged 3.89%. A year ago at this time, the 30-year FRM averaged 3.54%.
- 15-year FRM this week averaged 3.18% with an average 0.5 point, up from last week when it averaged 3.16%. A year ago at this time, the 15-year FRM averaged 2.81%.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15% this week with an average 0.5 point, up from last week when it averaged 3.11%. A year ago at this time, the 5-year ARM averaged 2.74%.
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