Mortgage Rates Move Up to New 2015 High

Fixed mortgage rates reached their highest level so far in 2015 during the week ended May 28th, according to the Primary Mortgage Market Survey of Freddie Mac.

The average rate for a fixed-rate mortgage with a 30-year term moved up to 3.87% with an average 0.6 point from 3.84% in the week before. In the same week one year earlier, it was 4.12%.

The average rate for a fixed-rate mortgage loan with a 15-year term rose to 3.11% with an average 0.5 point compared to one week earlier when it was 3.05%. During the same week of last year, the average rate for this home loan was 3.21%.

The hybrid adjustable-rate mortgage with a 5-year term experienced average rate increase in the week ended May 28th as well. It increased to 2.90% with an average 0.5 point from 2.88% in the week before. In the same week of 2014, it was 2.96%.

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The average rate for a hybrid adjustable-rate home loan with a term of 1 year declined to 2.50% with an average 0.3 point from 2.51% in the previous week. At the same time one year ago, the average rate for this loan was 2.41%.
Len Kiefer, deputy chief economist of Freddie Mac, said that mortgage rates reached a new 2015 high after the release of positive housing market data. There was a rise of 6.8% in new home sales in April. As a result, their annual pace reached 517,000 units . Existing home sales decreased by 3.3% on a seasonally adjusted basis to a rate of 5.04 million units in April. Despite this, total sales rose 6.1% compared to the same month of last year. The S&P/Case-Shiller home price index covering 20 cities across the United States gained 5% over the one-year period which ended in March 2015.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. 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.

Contact: christian@mortgage.info
Christian

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