Mortgage Rates Inch Up for Second Week
MORTGAGE RATES INCH UP FOR SECOND WEEK
Article by: Daily Real Estate News | Friday, May 17, 2013
Fixed-rate mortgages climbed this week after signs of stronger consumer spending, Freddie Mac reports in its weekly mortgage market survey.
Here are the national averages for mortgage rates for the week ending May 16:
- 30-year fixed-rate mortgages averaged 3.51 percent, with an average 0.7 point, increasing from last week’s 3.42 percent average. A year ago at this time, 30-year rates averaged 3.79 percent.
- 15-year fixed-rate mortgages averaged 2.69 percent, with an average 0.7 point, rising from last week’s 2.61 percent average. Last year at this time, 15-year rates averaged 3.04 percent.
- 5-year adjustable-rate mortgages averaged 2.62 percent, with an average 0.5 point, rising from last week’s 2.58 percent average. Last year at this time, 5-year ARMs averaged 2.83 percent.
- 1-year ARMs averaged 2.55 percent, with an average 0.4 point, rising from last week’s 2.53 percent average. A year ago at this time, 1-year ARMs averaged 2.78 percent.
Source: Freddie Mac; Daily Real Estate News (051713) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee
Written by Kenneth Bargers
May 18, 2013 at 8:57 am
Posted in real estate
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