Home Loan Interest Rates Trend Higher

The 30-year fixed-rate mortgage climbed to average 3.80 percent this week while 15-year rates rose above 3 percent, both reaching their highest levels in nearly two months, Freddie Mac reports in its weekly mortgage market survey.

Freddie Mac reports the following national averages for the week ending May 7:

  • 30-year fixed-rate mortgage: averaged 3.80 percent, with an average 0.6 point, rising from last week’s 3.68 percent average. Last year at this time, 30-year rates averaged 4.21 percent.
  • 15-year fixed-rate mortgages: averaged 3.02 percent, with an average 0.6 point, rising from last week’s 2.94 percent average. A year ago, 15-year rates averaged 3.32 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.90 percent, with an average 0.4 point, up from last week’s 2.85 percent average. Last year at this time, 5-year ARMs averaged 3.05 percent.
  • 1-year ARMs: averaged 2.46 percent, with an average 0.4 point, dropping from last week’s 2.49 percent average. A year ago, 1-year ARMs averaged 2.43 percent.

Source: Freddie Mac