Home Loan Interest Rates Push Upward

Averages on fixed-rate mortgages rose this week, but remain near three-year lows, Freddie Mac reports in its weekly mortgage market survey.

“Mortgage rates continue to adjust to this new level with the 30-year fixed rate inching up another 2 basis points this week to 3.66 percent. Recent statements by the Fed appear to have persuaded the market that a rate hike may come sooner than later,” says Sean Becketti, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for the week ending June 2:

  • 30-year fixed-rate mortgages: averaged 3.66 percent, with an average 0.5 point, rising from last week’s 3.64 percent average. A year ago, 30-year rates averaged 3.87 percent.
  • 15-year fixed-rate mortgages: averaged 2.92 percent, with an average 0.5 point, increasing from last week’s 2.89 percent average. A year ago, 15-year rates averaged 3.08 percent.

Source: Freddie Mac