Mortgage Rates in U.S. Remain at 2015 Highs in June

According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the average fixed mortgage rate remains near their highest level of the year before bond yields began moving even higher mid-week.

Len Kiefer, deputy chief economist of Freddie Mac says, "Mortgage rates were little changed for the week following mixed economic data before bond yields began moving higher Wednesday afternoon. Although real GDP growth was revised down to a negative 0.7 percent annualized rate, the Institute for Supply Management reported a modest growth in the manufacturing sector in May. If the Wednesday surge of treasury yields persists, the impact on mortgage rates is likely to result in a bout of affordability shock to many housing markets across the country."

Freddie Mac News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.87 percent with an average 0.6 point for the week ending June 4, 2015, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.14 percent.
• 15-year FRM this week averaged 3.08 percent with an average 0.5 point, down from last week when it averaged 3.11 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.5 point, up from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 2.93 percent.
• 1-year Treasury-indexed ARM averaged 2.59 percent this week with an average 0.2 point, up from last week when it averaged 2.50 percent. At this time last year, the 1-year ARM averaged 2.40 percent.

- See more at: http://www.worldpropertyjournal.com/real-estate-news/united-states/rising-mortgage-rates-len-kiefer-freddie-mac-june-2015-mortgage-rates-primary-mortgage-market-survey-pmms-9137.php#sthash.PZFo2QRI.dpuf