Mortgage lenders and consumers saw rates on home loans climb up this past week, marking the highest level seen since May, according to Freddie Mac’s weekly survey of mortgage rates.
The 30-year fixed rate mortgage stepped up to 4.60 percent, up from 4.51 percent a week ago. Freddie Mac said, the average 15-year fixed mortgage which is a popular refinance option for borrowers, climbed up 3.75 percent, but is down from this time last year when the rate was 4.07 percent.
Adjustable rate mortgages were also higher, the average 5-year ARM rose to 3.30 percent and the one-year ARM inched higher at 3.01 percent. This is down from 3.75 percent a year ago.
“Interest rates on all mortgages outstanding in the first quarter of this year averaged just under 6 percent,” said Freddie Mac’s chief economist, Frank Nothaft. “With today’s rates, these homeowners who have the ability to refinance could shave $169 per month in interest payments on a $200,000, 30-year fixed mortgage.”
The trend of up and down rates seems to be cutting into any signs housing recovery. The S&P/Case-Shiller Index shows home prices fell 4 percent in April from a year earlier, the biggest drop seen in 17 months for the Case-Shiller Index. Sales of previously owned houses, declined in May to a six-month low, according to the National Association of Realtors. The Mortgage Bankers Association reported applications for home loans decreased for the third straight week, led by the biggest decline in refinancing since the end of March.
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