FreddieMac Weekly Mortgage Market Survey

The 30-year mortgage rate moved up its 2016 low to 3.58 percent. Although there was minimal change in rates this week, the hawkish tone of Wednesday’s Fed minutes release had an immediate impact on Treasury yields, and could possibly shake up next week’s survey results.

Nationally – Interest Rates increased to 3.58%, from an average of 3.57% (the previous week’s survey) for a 30 year fixed Rate mortgage (FRM). Last year’s weekly survey average was 3.84%.

The national interest rates for the 30-year FRM started at 3.97% this year.

The 3.97% was the highest interest rate for 2016, while the interest rate for May 12th was the low for 2016 at 3.57%.

Interest rates for the 15 year Fixed Rate Mortgage remained at an average of 2.81%. Last year’s weekly survey average was 3.05%

At the start of the year, the 15-year fixed Rate Mortgage was at 3.26%, which was the high for the year. The low for the year occurred during the weekly survey week of May 12th and May 19th at 2.81%.

The average interest rates for the 5/1 ARM (adjustable rate mortgage) for the current week is 2.80%, up from last week’s 2.78%. Last year the weekly survey average was 2.88%.

The 5/1 ARM started the year at 3.09% and was the high rate for the current year. The 5/1 ARM bottomed during the week of May12th at 2.78%.

Although Freddie Mac attempts to provide reliable, useful information in this document, Freddie Mac does not guarantee that the information is accurate, current, or suitable for any particular purpose. Estimates contained in this document are those of Freddie Mac currently and are subject to change without notice.

This post - Mortgage Interest Rates as of May 19 first appeared on Naples Real Estate Blog - News and Market Trend Statistics.