For the first time in six weeks, fixed-rate mortgages reversed course and climbed higher this week, Freddie Mac reports in its weekly market survey.
“Fixed mortgage rates edged up following a solid employment report for April,” says Frank Nothaft, Freddie Mac’s chief economist. “The economy gained 165,000 new jobs on net last month, more than the market consensus forecast and the largest monthly increase this year.”
Freddie Mac reports the following national averages with mortgage rates for the week ending May 9:
•30-year fixed-rate mortgages: averaged 3.42 percent, with an average 0.7 point, rising from last week’s 3.35 percent average. A year ago at this time, 30-year rates averaged 3.83 percent.
•15-year fixed-rate mortgages: averaged 2.61 percent, with an average 0.7 point, rising from last week’s 2.56 percent average. Last year at this time, 15-year rates averaged 3.05 percent.
•5-year adjustable-rate mortgages: averaged 2.58 percent this week, with an average 0.5 point, climbing from last week’s 2.56 percent average. Last year at this time, 5-year ARMs averaged 2.81 percent.
•1-year ARMs: averaged 2.53 percent, with an average 0.4 point, dropping from last week’s 2.56 percent average. A year ago, 1-year ARMs averaged 2.73 percent.
Source: Freddie Mac