Average fixed mortgage rates made their largest one-week gain so far this year, bringing them to their highest level since the week ending May 1, according to Freddie Mac's recently released Primary Mortgage Market Survey® (PMMS®) results.
According to the results, the 30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.5 point for the week ending September 18, 2014, up from the previous week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 4.50 percent.
"Fixed-rate mortgage rates rose this week following the increase in 10-year Treasury yields being partially fueled by market speculation the Federal Reserve might change its interest rate guidance,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Meanwhile, the Labor Department reported that its Consumer Price Index declined 0.2 percent in August reflecting declines in energy prices. Excluding food and energy, the CPI was unchanged."
The 15-year FRM this week averaged 3.37 percent with an average 0.5 point, up from the week prior when it averaged 3.26 percent. A year ago at this time, the 15-year FRM averaged 3.54 percent.
Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.06 percent with an average 0.5 point, up from last week when it averaged 2.99 percent. A year ago, the 5-year ARM averaged 3.11 percent.
The 1-year Treasury-indexed ARM averaged 2.43 percent with an average 0.4 point, down from last week when it averaged 2.45 percent. At this time last year, the 1-year ARM averaged 2.65 percent.
For more information, visit www.FreddieMac.com.