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Thursday, May 23, 2013

Freddie Mac: "Mortgage Rates Continue Upward Trend"

by Calculated Risk on 5/23/2013 03:33:00 PM

From Freddie Mac today: Mortgage Rates Continue Upward Trend

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing fixed mortgage rates trending higher for the third consecutive week and putting pressure on refinance momentum. ...

30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.7 point for the week ending May 23, 2013, up from last week when it averaged 3.51 percent. Last year at this time, the 30-year FRM averaged 3.78 percent.

15-year FRM this week averaged 2.77 percent with an average 0.7 point, up from last week when it averaged 2.69 percent. A year ago at this time, the 15-year FRM averaged 3.04 percent.
Mortgage rates Click on graph for larger image.

This graph shows the the 30 year and 15 year fixed rate mortgage interest rates from the Freddie Mac Primary Mortgage Market Survey®.   Not much of an increase recently ... but it will slow refinance activity.

The Freddie Mac survey started in 1971 and 30 year mortgage rates are still near the record low set last November.