Slight Increase in Mortgage Rates

The average rates of fixed-rate mortgages rose during the week ended May 7th in line with the 10-year Treasury yields. This was revealed in the Primary Mortgage Market Survey report of Freddie Mac.
The average interest rate of a 30-year fixed-rate mortgage reached 3.80%. It moved up from 3.68% in the week before. Despite the increase, the average rate on this loan remained below its level from the same time one year ago which was 4.21%.

The average rate of a 15-year fixed-rate mortgage experienced an increase which was smaller in size during the week ended May 7th. It moved to 3.02% up from 2.94% in the previous week. During the same week one year earlier, the average rate on this home loan was 3.32%.

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The 5-year hybrid adjustable-rate mortgage had an average rate rise to 2.90% from 2.85% in the previous week. In the same week of last year, the average rate on this mortgage was 3.05%.
The adjustable-rate mortgage with a term of 1 year experienced a decline in the average interest rate. The rate moved to 2.46% down from 2.49% in the week before. At this time last year, the average rate on this mortgage was lower. It stood at 2.43%.

Freddie Mac’s deputy chief economist, Len Kiefer, said that during the week ended May 7th, mortgage rates climbed to their highest level since the week ended March 12th 2015. This occurred as selloff in German bonds aided the rising of U.S. Treasury yields above 2.2%. In March, the U.S. trade deficit went up to $51.4 billion. This is its highest level since March 2008. Additionally, although the manufacturing index of the Institute of Supply Management retained its level in April, the manufacturing employment index declined went below 50 for the first time in two years.



Christian Calvin mortgage Christian is a contributing writer for He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.


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