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Freddie Mac report: Fixed mortgage rates climb for fifth consecutive week

Freddie MacFreddie Mac released the results of its mortgage market survey last week, revealing that fixed mortgage rates edged higher for the fifth consecutive week amid concerns involving the Federal Reserve’s bond-buying program.

The 30-year fixed-rate mortgage averaged 3.91 percent, up from 3.81 percent last week, while the 15-year FRM increased from 2.98 percent last week to 3.03 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage increased from 2.66 percent last week to 2.74 percent, and the one-year Treasury-indexed ARM increased from 2.54 percent to 2.58 percent this week.

“Continuing market concerns that the Federal Reserve may slow its bond purchases amid a strengthening economy added upward pressure on mortgage rates this week,” Freddie Mac Vice President and Chief Economist Frank Nothaft said. “In its June 5 regional economic conditions report known as the Beige Book, the Federal Reserve noted that overall economic activity increased at a modest to moderate pace over April and May in all its districts except for Dallas, which indicated strong economic growth. In addition, pending home sales rose in April to its fastest pace since April 2010, and May’s consumer sentiment was revised upwards to its highest reading since July 2007.”

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