Mortgage rates climbed for a second week in a row during the week ending June 12, according to Freddie Mac's Primary Mortgage Market Survey.
The average rate for a 30-year fixed-rate mortgage (FRM) was 4.20%, up from 4.14% the previous week. A year ago at this time, the 30-year FRM averaged 3.98%.
The average rate for a 15-year FRM was 3.31%, up from 3.23% the week prior. A year ago at this time, the 15-year FRM averaged 3.10%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.05%, up from 2.93% the previous week. A year ago, the five-year ARM averaged 2.79%.
The average rate for a one-year Treasury-indexed ARM was 2.40%, unchanged from the previous week. At this time last year, the one-year ARM averaged 2.58%.
‘Mortgage rates continued to climb for the second week in a row following the increase in 10-year Treasury yields,’ says Frank Nothaft, vice president and chief economist for Freddie Mac, in a release. ‘Also, the economy added 217,000 jobs in May, following a 282,000 surge in April and a 203,000 increase in March. Meanwhile, the unemployment rate in May held steady at 6.3 percent.’