For the third consecutive week, mortgage rates continue to inch up, with the 30-year fixed-rate mortgage nearing its highest level for 2015 at 3.85 percent this week, Freddie Mac reports in its weekly mortgage market survey.
Freddie reports the following national averages in mortgage rates for the week ending May 14:
- 30-year fixed-rate mortgages: averaged 3.85 percent, with an average 0.6 point, rising from last week’s 3.80 percent average. Last year at this time, 30-year rates averaged 4.20 percent.
- 15-year fixed-rate mortgages: averaged 3.07 percent, with an average 0.6 point, rising from last week’s 3.02 percent average. A year ago, 15-year rates averaged 3.29 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.89 percent, with an average 0.5 point, dropping from last week’s 2.90 percent average. A year ago, 5-year ARMs averaged 3.01 percent.
- 1-year ARMs: averaged 2.48 percent, with an average 0.4 point, increasing from last week’s 2.46 percent average. A year ago, 1-year ARMs averaged 2.43 percent.
Source: Freddie Mac