Mortgage Rates Continue Climbing Higher

News Facts 30-year fixed-rate mortgage (FRM) averaged 3.91 percent with an average 0.7 point for the week ending June 6, 2013, up from last week when it averaged 3.81 percent. Last year at this time, the 30-year FRM averaged 3.67 percent. 15-year FRM this week averaged 3.03 percent with an average 0.7 point, up from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 2.94 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.5 point, up from last week when it averaged 2.66 percent. A year ago, the 5-year ARM averaged 2.84 percent. 1-year Treasury-indexed ARM averaged 2.58 percent this week with an average 0.4 point, up from last week when it averaged 2.54 percent. At this time last year, the 1-year ARM averaged 2.79 percent. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey. Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac. "Continuing market concerns that the Federal Reserve may slow its bond purchases amid a strengthening economy added upward pressure on mortgage rates this week. In its June 5th regional economic conditions report, known as the Beige Book, the Federal Reserve noted that overall economic activity increased at a modest to moderate pace over April and May in all its districts except for Dallas which indicated strong economic growth. In addition, pending home sales rose in April to its fastest pace since April 2010 and May's consumer sentiment was revised upwards to its highest reading since July 2007."

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