Over the last 6 weeks, Freddie Mac’s Primary Mortgage Market Survey (PMMS) reports have shown mortgage interest rates gradually climbing. According to their latest PMMS for the week ending December 8th, mortgage interest rates reached a new high for the year.
Rising 5 basis points over the previous week, the average 30-year fixed-rate mortgage (FRM) interest rate was up to 4.13% from 4.08%. Compared to the same time last year, the 30-year FRM was 3.95%.
The 15-year FRM mortgage interest rate also increased in the latest survey to 3.36% from 3.34% the previous survey, and it was higher than a year ago when it averaged at 3.19%.
Finally, the average 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) mortgage interest rate was 3.17%. This was higher than the week before when it was 3.15% as well as the same time last year when the average was 3.03%. Read more at http://www.freddiemac.com/pmms/.